Sancho, Home Buyer in Ann Arbor, MI

We're buying a short sale, and the timing of the bank's approval seems very calculated. What's their strategy?

Asked by Sancho, Ann Arbor, MI Mon Feb 7, 2011

We waited over a month to hear if the bank accepted our offer. They accepted it late in the day on 1/31, and gave us 28 days to close, which essentially means Feb. Our original offer gave us 35 days. So they timed it to the shortest calendar month. Is there something to that? Why make it harder for us to close?

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Answers

1
Hi Sancho,

I doubt that there is any plot at hand. Companies have set rules and timelines for the most part when it comes to short sales and REO sales. In addition, the people that work these "files" are super busy. Having your realtor stay in constant contact with the Asset Manager (or whatever the lender calls the position handling your sale) and the Loan Agent is key to the success of these transactions. If your loan agent needs more time, make sure it is requested ASAP. The banks don't like surprises. Good luck.

Best Regards,

Eric Soderlund
Realtor, GRI, SRES
Steven Anthony Realty
925-337-1897
1 vote Thank Flag Link Tue Feb 8, 2011
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