Home Buying in El Paso>Question Details

Erika, Home Buyer in El Paso, TX

We put an offer on a short sale home. Just got word that the bank just sent it to underwriting. What does this mean and is it a good thing?

Asked by Erika, El Paso, TX Fri Mar 16, 2012

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I agree with both Jim and Tim, it's a good sign. You might still need to be patient as short sales tend to take longer to close. Good luck.
0 votes Thank Flag Link Fri Mar 16, 2012
It is a good sign, it means the bank did not reject the proposal outright. It doesn’t mean it is a done deal, just that it passed the initial review. The next step is to review all of the support documents provided by the owner along with your offer to purchase. Good luck, hope it works out for you,
0 votes Thank Flag Link Fri Mar 16, 2012
It is a good thing, it means the bank has accepted your offered amount and now it is moving forward. You still have some time before they are ready to close but they are now reviewing the offer. Now to see if they come up with any road blocks that need to be dealt with.
0 votes Thank Flag Link Fri Mar 16, 2012
so do you think it is a realistic expectation for us to want to close by May 1?
Flag Fri Mar 16, 2012
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