Home Buying in 91103>Question Details

Ca, Home Buyer in Fontana, CA

what do u guys think?

Asked by Ca, Fontana, CA Tue Jan 29, 2013

We have put an offer with the listing agent as my realtor on nov 12 2012 with citi financial bank. it's been 2 months 2 weeks since we put the offer but today bank ask for sellers updated 2012 taxes, paystub, bank statement. Where are we now in this case? Should you think how many more weeks/month to wait before they give us any final answer? And do you think negotiator has been assigned to the file already?thanks a lot

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4
Hello Ca, your agent should really be answering these questions for you. Whether this is a short sale, REO-bank owned property or not, your agent must keep you informed.
2 votes Thank Flag Link Fri Mar 1, 2013
It sounds like you are in the middle of a short sale. A short sale can take anywhere between 30 days to six months to complete. It works a lot like a loan modification, whereby the seller needs to prove his ongoing hardship. It can turn out to be a long and frustrating process. Over the last year or so most banks have streamlined the short sale process to make it quicker, easier and more efficient.

Do you have an agent representing you in this transaction? It is his job and responsibility to negotiate on your behalf and keep you informed throughout this process.

I wish you all the best.
1 vote Thank Flag Link Wed Jun 26, 2013
Hi, Well it really depends on the bank. With a lot of banks if they are still asking for documentation a negotiator has not been assigned yet. Once negotiator is assigned it should go very quickly. I list several short sales if this one did not work out. Congratulations if it did!
0 votes Thank Flag Link Tue Jun 11, 2013
This sounds like a short sale, is it?
Shorts sales can take a long time to get a final answer.
0 votes Thank Flag Link Wed Jan 30, 2013
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