Home Buying in 90023>Question Details

Ca, Home Buyer in Fontana, CA

needed answer plss...

Asked by Ca, Fontana, CA Tue Dec 4, 2012

08/24/12- Property was originally listed 199k, according to listing agent got his VERBAL ShortSale APPROVAL on 10/19/12 which the first buyer had backed out, then price increase to 208k. As a 2nd buyer, the listing agent and I put an offer on 11/12/12 which seller accepted and 3 weeks now CITI FINANCIAL BANK said they are still reviewing our offer. Do u have any idea how citi financial work?and when they can give us final approval?how long?are they gonna accept our offer of 215k asking seller to pay 7k closing cost?thanks so much

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Your listing agent whom I assume is representing you is the best source for your questions. He is in the "front line" of the process.

TIP: Document all paperwork with all signatures and initials for example contracts, disclosures, amendments, extensions, ... etc., ( VERBAL Shortsale Approval is NOT valid until you get it in writing.)

Good luck.
1 vote Thank Flag Link Sat Dec 8, 2012
You do know that Short Sales can take months, right?
You got similar answers below, I'm not going to repeat here, so good luck.
0 votes Thank Flag Link Tue Jan 29, 2013
One of the biggest problems with short sales continues to be the fact that there is no way to predict how long it will take to get a response from the lender. I'd had an answer in as short as 3 weeks and one that dragged on for over 6 months before the Buyer decided to move on to a different property.
0 votes Thank Flag Link Fri Dec 7, 2012
It is hard to tell. Banks can take up to several months to make a decision. You just to have to sit tight and wait. They might come back with a counter offer.
0 votes Thank Flag Link Fri Dec 7, 2012
I'm seeing some crazy turn of events where they do a whole new BPO to determined value for each new buyer. My deals took 4-6 weeks (for an approved shortsale) just to change the buyer. Hang in there, you'll probably get a response soon. Just keep checking.
0 votes Thank Flag Link Wed Dec 5, 2012
Don't get your hopes too high. They might accept but your best bet would have been to offer the 208k and pay your own closing costs.
0 votes Thank Flag Link Tue Dec 4, 2012
Different lenders handle short sales somewhat differently. The best scenario that I have seen is that lenders will take the full 30 days to make sure that your offer has all the t's crossed and i's dotted. Then after those 30 days, which in your case should be 12/12/2012, then it will go to negotiations and then it depends on whether it is an in-house or investor loan. If it is an in-house loan then you can be looking at an approval in as little as 7-15 days. So, at best, you can get an approval as early as 12/19/2012. This is just a best guess taking into consideration the most favorable situation for you.

Good luck!
0 votes Thank Flag Link Tue Dec 4, 2012
Dear Coco Arce,
This is all part of the short sale procedure. You'll just have to wait it out. Your agent is probably handling the transaction as well as he can. Good luck!
0 votes Thank Flag Link Tue Dec 4, 2012
This is part of a short sale...its called dealing with people at the bank that are bombarded with short sales and some of them don't know what they are doing. Either way... being a first buyer or 3rd buyer.. short sales take any where from 2-4 months. So, with that being said... figure an other 2-3 weeks for approval and then 30 days to close, if everything goes smooth.

Good luck,

James
0 votes Thank Flag Link Tue Dec 4, 2012
what happen is since the previous buyer did not performed your agent has to start up a new negociation with the lender ,if he has the same negociator can be a quick transaction if not it make a litle more time , Just hang in there lender will acept your offer good luck .
0 votes Thank Flag Link Tue Dec 4, 2012
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