Rocky G.H. Hawrysz - Field Office
Prudential California Realty
O: (209) 444-6610
F: (209) 433-2000
M: (209) 915-6209
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Typical short sales do not take that long in CA. I've listed, got under contract, got the approval and closed escrow on many short sales well under 6 months. I've closed most under 4 months, and a few of them even in 2-3 months tops.
I'm sorry it seems that short sale lenders you're dealing with in NY don't have the same turn around time we're having in CA, but I often encourage my buyers to seriously consider short sales because they can get the home for often a lower price than the same home in a traditional sale situation, and if there's only one loan on the property we're going to most likely close escrow in a very timely manner.
Maybe we just have a more positive attitude and approach to short sales? I don't know, but at least that's a better start.
There seems to be ONE exception to the above. Is the mortgage being held by a local bank? If it is, there may be someone at the bank who can give you an answer in 48 hours and you can close as soon as convenient for you and the seller. I closed one in 40 days from original offer in this situation. It could have closed even sooner, but the buyer's lawyer didn't order a title report right away as he didn't want to waste the clients money on a deal that may never go through.
Unless you have at least 6 months to sit around trying to buy a short sale, don't even bother. Run the other way. As far as these agents going around with this "special" designation showing they are short sale specialists, it's a bunch of hogwash to me. I haven't seen any of them get a deal through faster and it seems that they are more often than not, inexperienced agents looking to try and generate business they don't have.
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
New York's #1 Real Estate Broker
I just came across your question you posted a couple months ago. I'm hoping that things have progresses forward for you in your transaction.
If not, then my answer for your question would be..."This is a question that you should be asking your agent".
If one of my clients were asking questions like this, on this forum, then I'd be highly disappointed in myself for not doing my job properly. It is my responsibility to keep my clients involved, educated, and informed throughout the process of every transaction. My clients know they can come to me by phone, email, text, or in person to ask any and all questions and I will get them the answers they need and deserve.
Hopefully you're getting your questions questions answered by your agent. That's who should be working hard for you and keeping you informed about all the details of the process.
Congratulations if you're finally in escrow, and good luck if you're still waiting for the seller's lender to approve the sale. It could take weeks, or it could take months. Several months sometimes to get that approval.
Best of Luck!
The seller's agent is the one that's at the helm and they are usually the only one (besides the seller) that has any authorization to call the seller's lender or anyone involved on the seller's behalf, unless the sellers have given authorization to someone else like their attorney, etc.
Who gave you less than 2 weeks to close? Did the seller's agent inform your agent of this time frame? If so, are you paying cash for the home? If not, and you are financing, then why would your agent allow you to make an offer on a home needing to close escrow in less than 2 weeks? That wouldn't give you enough time to do your inspections, get an appraisal, and having your loan fully approved, etc.
The only thing you can do as a buyer to move a short sale along is to keep putting pressure on your agent to have them keep putting pressure on the listing agent to keep in constant contact with the seller's lender to speed the process along.
Is the home being foreclosed on within the 2 weeks? Is that the reason for the deadline? If so, tell your agent to make sure the listing agent is making constant contact with the seller's lender and that they are requesting an extension of the deadline or better, to have the foreclosure place on hold until you deal can be processed in a proper amount of time.
can check to see if the house is in foreclosure and if so, when is the sales date. Usually lenders only extend a foreclosure a month at a time. Dealing with the banks is frustrating and your agent needs to be calling the bank's negotiator every few days!
Usually when you only have two weeks to close that means the house is scheduled for trustees sale.
Like another agent asked, who accepted your offer? The fact that the seller accepted does not mean the bank has. When the bank accepts the offer you or your agent will get a letter stating aapproval of the sale with the current buyer at a stated price good for "X" days.
You will not find anyone at the Bank who wants to have their signature on anything!
You would receive a COUNTER or an ADDENDUM which would spell out their intentions and you might be directed to the Title Company for the Escrow.
There is nothing that you can do to move it along; possibly prayer.