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Home Buying in 02904 : Real Estate Advice

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  • Home Buying5
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Activity 4
Wed Nov 26, 2014
dcriley2652 answered:
YES it would be nice and cheaper and no buying had the appraiser mentioned mold. Seems he missed that minor detail, and I got a big mess!!!! aND CANNOT MOVE INTO MY HEAALTH HAZARD!!! I KNOW EVERYONE IS SORRY!!! Sorry does not pay for repairs. ... more
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Tue Nov 16, 2010
Susan Costa answered:
Depends on the bank and where the home is in the process - If the Short Sales has not been approved by the bank, then I have seen this portion take as long as 17 weeks and as short as 6 weeks. If the bank has already approved the short sale, then the process is much shorter on the bank response end of the offer.
Working with a Realtor who knows the process and can stay on top of things does help the buyer to remain infomed ont he process. If we can help, please feel free to contact us.
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Thu Apr 15, 2010
Lori Rossi answered:

A lot more goes into the the short sale process besides price. As previous answers have replied-just because it is listed at a certain price does not mean that the lender will accept/approve the short sale. Many questions should be answered prior to entering into agreements on a short sale, such as how many lenders are involved? How far into the process is the seller? Have they completed a short sale packet showing hardship, finances, assets etc? Is there a negotiator handling the short sale? and many others. Hopefully, you have a buyer agent who has knowledge on handling short sales. No one can predict the time frame. I have had some of mine get approved in a few weeks and closing one that took 6 months! If you are counting on getting the tax credit, I wouldn't count on meeting the timeline with a short sale. Good luck! If you need any assistance call or email me. I'll be happy to help.

Lori Rossi
Coldwell Banker Residential Brokerage
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Fri Mar 19, 2010
Lori Rossi answered:
Hi Khoa,

As many have said already, there are many factors involved in getting a short sale approved. Price being one of them. Others involve how many lenders are involved? If there is just one, it usually takes less time to get approved. Who the lender is (some take longer, such as Bank of America), and how far along in the process has the seller actually gotten. A complete package needs to be completed by the seller including proving a hardship, income, asset statements etc. Once this is completed and an offer is on the table, the lender orders a BPO (brokers price opinion) to determine value. If your offer is close or above that number, they are more inclined to approve the short sale, but it could still be a lengthy process. Hopefully, you have a buyer agent representing you who is familiar with the short sale process and can guide you through it. Good luck! I hope it works out for you.

Lori Rossi 401-480-1973
Coldwell Banker Residential Brokerage
2258 Warwick RI 02886
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