Home Buying in Cincinnati>Question Details

Dawna, Home Buyer in Cincinnati, OH

Short Sale Question

Asked by Dawna, Cincinnati, OH Sat Feb 28, 2009

We are getting ready to go into our 8th week on trying to buy a short sale home. The seller's lender has asked us to have our attorney prepare the HUD form. Does this mean the bank will accept our offer? How much longer can this take?

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Answers

4
The lender usually ask for an HUD estimate to see what they will be taking from the closing table. This does not mean they have accepted your offer. You have to be very patient when dealing with a short sale, each one is different also. It sounds like you are dealing with the sellers agent and not a buyers agent. Your agent will be able to answer your questions for you. Good luck to you.
0 votes Thank Flag Link Mon Mar 2, 2009
Well you must not be working with a REALTOR for them to bring up your atty,Is the property listed? if is,now depend on his knowledge.I tell ya it sounds like you are working with,an unrepresentatived seller,if so its hard to say.Good luck

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Sun Mar 1, 2009
If there is one lender, you might be getting close. I say that not because of the request for the HUD - my experience is they ask for that with the request for the short sale... but because about 8-10 weeks is normal time before you get an answer.

Good luck!
0 votes Thank Flag Link Sat Feb 28, 2009
The length of time a short sale can take will vary from property to property. The bank asking for a HUD does not always mean they will accept the offer, they usually need to see a HUD to calculate the net amount they'll take away from the sale. Your Realtor should be able to give you more insight on how long your particular short sale might take. It can be a trying process, but if you can wait it out, it may be worth it!
0 votes Thank Flag Link Sat Feb 28, 2009
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