Home Buying in Fox Lake>Question Details

Balto, Home Buyer in 60020

What if the bank will not confirm if the appraisial is valid or not on a short sale?

Asked by Balto, 60020 Sat Jun 5, 2010

It has been taking over a month. Is this normal? We are about to give up. We are looking for another house, as well, just in case the appraisal (IDK how to spell that word) is disapproved, even though we are qualified.

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I'm not sure who's appraisal you are referring to. If it is an appraisal your or your loan officer are purchasing as part of a due diligence process for the purchase of a property, you should have access to the data within days, not weeks or months.

If you are waiting on an appraisal to be accepted by the bank holding the mortgage on the short sale side, you could wait a long time. I had an all cash short sale that took 4 months to close. It all depends on the processor at the bank and how backlogged they are.

If you need to close on a timeline, don't try and do it with a short sale or foreclosure. There is a high risk for delays. If it is a great deal and you can be patient, keep checking in, make sure all of the paperwork is complete and accurate, but be prepared for delays.
0 votes Comment Flag Sat Jun 5, 2010
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