Market Conditions in 98371>Question Details

Bytotigger, Home Buyer in Puyallup, WA

have a couple short sale houses im interested in and 1 refi. how long is the wait to get either?

Asked by Bytotigger, Puyallup, WA Tue May 8, 2012

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The range for approval or response time is so varied that I would not dare venture even an answer. If you are working with an agent, they should be able to get within a month or 2 on a specific deal.
Good luck to you.
0 votes Thank Flag Link Wed May 9, 2012
Thats a great question, Depends on the bank and if they have already started on the short sale process or not. It could take anywhere from several months to more than a year to complete, and if and when they get back to you, chances are it will not be at your offered price.
But, a new Federal rule starting in mid June of 2012 states that if the loan is backed by "Fannie Mae or Freddie Mac you can expect a response within 30 business days, with a final decision taking no more than 60 days"
Check out the Los Angeles Times in the article collections "New federal rules could speed up short-sale process".
A Refi should be able to be completed within 30 to 60 days if you get all the information to the mortgage company and you qualifiy.
0 votes Thank Flag Link Wed May 9, 2012
Yes for sure cash counts. A large majority of my bank owned listings sold cash, however still full price. Also keep in mind refi's are a totally different animal then the purchase market.
0 votes Thank Flag Link Tue May 8, 2012
Yes to an extent. If the bank is confident they'll net a certain amount they more than likely wont entertain a low ball cash offer. If the home is a fixer and something prohibits financing they'll generally do price reductions until they attract cash buyers.
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0 votes Thank Flag Link Tue May 8, 2012
in short sales and forclosures and refis does cash count??
0 votes Thank Flag Link Tue May 8, 2012
The more sort sales that come to the market, the more time they are taking due to the backlog. What use to take 2 - 3 months last year is taking 4 - 7 months in 2012, eliminating the average home buyer. The variability has a lot to do with the ability of the bank, and some of the largest can be the worst. We've worked on 5 so far in 2012 alone but we have found some ways to ease some of the pain.
0 votes Thank Flag Link Tue May 8, 2012
Thats an answer I dont believe anyone would have. Some considerations maybe the success rate of who is negotiating the ss, sellers proof of financial hardship, investors and lien holders approval and finally that offer price is realistic to market value as bank can counter.
Generally I advise a minimum of 90 days but realistically can be upwards of six months. I've seen some equity purchases with patience.
Feel free to browse my website, youll quickly find what youre looking for in Puyallup. I see great opportunities often as well if you have any requested criteria! Cheers
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0 votes Thank Flag Link Tue May 8, 2012
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