Ted in many cases now the mortgage was insured by the bank, in most cases it is is by either fannie mae or freddie mac. Fannie has teh choice to take the house and pay off Deutsche bank and then Fannie sells the house or because they have so many, Deutsche sells the house and fannie pays teh difference between the insured amount (often 80%) of original loan amount) and what the house is sold for after foreclosure.
So you submit your offer, the asset manager working for Deutsche can only acceot with in a certain percentage , if you offe ris outside what they can approve, it needs to go to Fannie for final acceptance and sign off. On average i have seen it take 3-7 days but worst case i had one take 14 days. Hopfully your cash offer has no contingincies and they can approve ity quickly.
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