Home Buying in 95826>Question Details

Eagerbeaver, Home Buyer in 95826

seller accepted my offer on GMAC short sale approved loan. prev buyer backed out & GMAC will accept mine w/out starting over. how long before?

Asked by Eagerbeaver, 95826 Tue Sep 13, 2011


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My Experience on the 2 deals I am dealing with is that the bank has to actually acknowledge the cancelation from the previous buyers and then they actually upload the new offer order a new BPO and then they can present the approval but it does take around 2 months at the most still it is definately not faster as they state it is.
0 votes Thank Flag Link Fri Sep 16, 2011
The listing agent can call the GMAC negotiator of this short sale to get an estimated time line of when they will send out the short sale approval letter. GMAC should let the listing agent know if they can move forward with the information they have already gathered and not start over entirely. Have your agent speak with the listing agent & discuss timelines. Usually the BPO (broker price opinion - appraisal of home value) is good for a certain period of time after it has been completed, so several of the steps of the short sale approval process do not need to be repeated. Additionally, the seller's hardship package, etc has already been submitted to the bank and is approved at that offered price, so that's a HUGE step in the right direction in regards to whether or not the bank will approve the short sale.

That being said, it may be a couple weeks just to push the paper around at GMAC, submit the new offer, etc, and prepare the short sale letter for the seller to approve and escrow to start.

I had the same situation where the previous buyer back out of the offer, and we snuck in with an offer at approved short sale price and got a response within 2 weeks or so, and closed 30 days later. Either way, you should hopefully get a response back faster than going in blind on a short sale property that did not have any offers yet.

Good luck with escrow!! Be sure to do all your investigations and inspections!!
0 votes Thank Flag Link Tue Sep 13, 2011
More and more banks are working with back up offers in the short sale process. The listing agent is your best source of information on the time frame necessary to close the property.
0 votes Thank Flag Link Tue Sep 13, 2011
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