Home Buying in 10306>Question Details

Ellen, Home Buyer in Brooklyn, NY

we are current in the process of buying a short sale in the midland beach area. the sellers have sent all

Asked by Ellen, Brooklyn, NY Wed Mar 11, 2009

the paperwork off to the bank and I received a call last week that the bank has completed step 2 and are moving on to the 3rd and final step. What is this and how long should the 3rd and final step take. (we are buying the house for 55K less then what the sellers purchased it for 3 years ago. not much of a short sale but a short sale non the less.)
thank you

Help the community by answering this question:

Answers

2
Hi Ellen,
I'm not clear about who is handeling this short sale for the homeowner. However based on my experience the final step meens that the bank is reviewing the offer, compariong it to the appraisal and then forwarding it to the investor/s for review and approval. The usual time for each step is 30 days.
Good luck to you. I hope you get to buy this house.
0 votes Thank Flag Link Mon Mar 16, 2009
Hi Ellen,
Did anybody advise in advance what are actually steps 2&3? who did you receive the call from?
the bank itself? or an agent?

The story is short on details. Very tough to answer without this information.
0 votes Thank Flag Link Wed Mar 11, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer