Tara Ross, Home Buyer in Georgia

I'm currently in the process of buying a short sale, I have sent my appraisal fee....what step am I in the process of my home purchase?

Asked by Tara Ross, Georgia Fri Mar 30, 2012

I,m trying to estimate whether I will close on my home in the next 30days.

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I agree with Rodney, tighten up with your team, your Realtor and loan officer. But it sounds like you are making progress. Good luck,
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Sat Mar 31, 2012
Those are questions that you should be asking of YOUR real estate agent and YOUR loan officer. ONLY those two people are going to be able to answer your questions. No one else has direct information about your specific transaction.
0 votes Thank Flag Link Sat Mar 31, 2012
As Shanna stated below, it's not a good idea to order and pay for an appraisal prior to getting bank approval on a short sale. I have had several clients who did just that by wanting to be out front and ended up getting shot down because the bank didn't approve the short sale. Be patient if possible, I would hate to see you spend your money unless you were given some pretty strict assurances that the deal was close to being approved.

Best of Luck!
0 votes Thank Flag Link Fri Mar 30, 2012
I would hope that you sent an appraisal fee because the bank has already approved the short sale.
If that is not the case, you need more answers from your agent and the listing agent.

The seller has to do their part with the bank, the bank has to do their part with the short sale approval, then you as buyer have to do your part. If either of the previous steps falters, you won't be doing yours and there will be no sale as offered.

If you have the short sale approval, and you are rolling on financing, then you should be able to close in 30 days, depending on the speed of your lender.

All the Best,

Sandals Realty
0 votes Thank Flag Link Fri Mar 30, 2012
What does YOUR agent say, Tara?

Michael Hammond


0 votes Thank Flag Link Fri Mar 30, 2012
Hi Tara,

Do you have written acceptance of your offer from the seller AND the short sale lender(s)? If you don't have that yet, don't pay for your appraisal yet - wait until you know if your offer is accepted. Once your offer is accepted (in writing) by BOTH the seller and the lender(s), your purchase contract should state how many days after acceptance (by all parites and in writing) the deal will close.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Fri Mar 30, 2012
It is really not enough info to determine. In brief a short sale seller first should be quailifed to even sell a short sale, if they were notthat usually takes the longest part of a short sale. once they get an offer they submit it their bank for approval. The sellers bank will hire an appraiser to determine the value. They want to make sure your sales price is near market value. The process can take 1-3 months at best. You should ask the listing agent how far along in the short sale process they are.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Mar 30, 2012
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