Real Estate Broker-Associate
Equator Short Sale, REO, and Platform Platinum Certification 2011
Exquisite Real Estate, DRE #01921952, 9290 W. Stockton Blvd. #105, Elk
Grove, Ca 95758 T:858.652.9647
2 1/2 months is not too long for a short sale as it seemed just about everyone ground to a halt over the last 2 weeks of December, now that we are in a new year, yes they want the Sellers updated info. At least when the bank starts asking for things you know someone is working on the file.
If it is "your perfect house" be patient, but also be ready to hit the ground running once the lender approves the short sale.
In times past all sales took 90-120 days.
The short sale process takes persistence and perserverance. But a couple of questions still--is there a foreclosure pending on this property and do you know that schedule stands? Are you still looking at other properties just as a back up? While I want my buyers fully committed to their offer, it's also reasonable to believe that there are short sales that don't get approved.
The process of a short sale can take anywhere from three to six months. If you were informed of the sort sale process (start to finish), are being updated at least weekly, and everything is moving forward according to the short sale process, then you are doing well.
Citibank is hit and miss when it comes to their files. The file starts with a Homewoner Support Specialist who is responsible for collecting all of the documentation.This process, if you have a good specialist, can move quickly (30-45 days), or can drag out if the specialist is not on top of their files.
After the specialist, it then moves to a negotiator who (in my experience) zips through the processing even though they tell you they have 30 days to process the file. I've seen approvals as fast as one week once it reaches the negotiator.
If you have not been informed about the short sale process and what to expect, a short summary is below:
1. Short Sale Package received
2. Negotiator Assigned
3. BPO/Appraisal Ordered
4. File in Valuations/Assessment
5. Sent to Investor for Approval
6. Approval Received (Approval sent to buyer for start of contractual timeframes)
7. Buyer's contractual timeframes begin
8. Escrow Closes
Overall, in a short sale, patience and knowledge of the process will be your best friends, and you will gain a wonderful home at the end of your journey.
Hope that helps.
Keisha Mathews, REALTORÂ®
CDPEÂ®, HRCÂ®, HAFAÂ® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
That's funny... You know the correct tax forms for 2012 aren't even out yet from what I heard... the bank statements are typical because the file is getting stale dated..
But a couple of months is not out of line really... you are probably close to getting the approval. When they start asking for stuff like this at the end, you're probably getting down to the wire.
Let's hope they don't ask for a new BPO because prices are going up and these folks aren't stupid either. I think that is the next ball to drop by the way.
Let us know what happens
I hope this helps...
Make it a great day...
Lately their values are coming in sometimes much higher than agents are pulling from the MLS, this is because they are instructing the providers who perform their values to not use REO or Short Sales as their comparables so be prepared for a counter if your offer was based on lower comps.
Best of luck
Realty World eCurb REALTORS