how much longer once the short sale is on the underwriters desk?

Asked by Stormshadow, 08234 Mon Apr 2, 2012

my packet is on the underwriters dask after 3 months of waiting. how long does it usually take once were at this step? the bank is wells fargo if that matters any.

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Mary Petti’s answer
Mary Petti, Agent, Edison, NJ
Tue Apr 10, 2012
Your contract can't be up if you are in the process of getting the mortgage commitment BUT if the back gave a deadline to close by, you must close by then. Really, get your agent and attorney involved to find out what's happening.
0 votes
, ,
Tue Apr 10, 2012
Three months is probably an indication the seller hasn’t provided something Wells has asked for.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Carol Perdew, Agent, Manteca, CA
Tue Apr 10, 2012
Hello,

Short sale transactions take time for the short sale bank to process. Wells Fargo has worked on their short sale process and usually closes their short sales quicker. You agent can contact the Wells Fargo Field Representative to assist in the short sale process Wells Fargo is the servicer for the short sale loan but the all of the short information has be approved by the investor which may take time. My buyers recently have been getting short sale approval in 45 days which is quick for today’s market. Short sales require patience but the buying a desirable home at a good price is worth the wait.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes
0 votes
Stormshadow, Home Buyer, 08234
Tue Apr 10, 2012
Well I'm still waiting been over a week starting to believe contract will be up before I get an answer
0 votes
Mary Petti, Agent, Edison, NJ
Tue Apr 3, 2012
Storm,

You said in a previous post
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Mon Apr 2, 2012
Wells Fargo is usually pretty prompt. Have you agent check with the attorney handling the short sale.
0 votes
Mary Petti, Agent, Edison, NJ
Mon Apr 2, 2012
Storm,

Let me get this straight...you are the buyer , who has a mortgage in pplace, but are still waiting for the SELLERS bank to approve the short sale and your offer on the property?

That puts another spin on the problem. The SELLERS bank can take up to 6 months (tho not the norm) to approve a short sale and the offer you made. There is a new law in effect that makes the banks have to answer within 30 days UNLESS there is missing paperwork, or they need additional paperwork. They don't have to answer until the packet is complete.

The SELLERS bank can accept, reject or counter-offer your contract as well. I would have your agent speak to the sellers agent to find out if the bank does indeed have ALL the paperwork for the bank's loss mitigation people to make a decision on your offer. I can't stress this enough, missing or incomplete paperwork can delay the process substantially.

Once the bank actually approves the short sale and your offer, typically they give up to 45 days to get your final mortgage commitment and close...the old wait.. wait.. now hurry up routine.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Mon Apr 2, 2012
Based on my experience with Wells Fargo, it should take this long to get an approval. You might want to ask your agent to inquire with the selling agent as to what is causing the delay. It's possible it might an issue of some issues on the seller's side of the deal.

Good luck to you,
0 votes
Stormshadow, Home Buyer, 08234
Mon Apr 2, 2012
And it is an attorney handled short sake dunno if that matters
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Stormshadow, Home Buyer, 08234
Mon Apr 2, 2012
I'm the buyer mortgage and all is done just waiting for the banks answer on my offer
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Tim Moore, Agent, Kitty Hawk, NC
Mon Apr 2, 2012
If, and we are all assuming here because you have not told us much, it is on the lenders underwriters desk it is close unless there will be two underwriters reviewing it, which is common these days. It will matter how many other files are in front of yours and if any errors or additions need to be added. Your loan officer should be able to give you an idea of how long it will take and if a double review is required. It could be a week to a couple weeks, but at least a week before the documents are at the office where it will close. Hang in there.
0 votes
Mary Petti, Agent, Edison, NJ
Mon Apr 2, 2012
Are you the buyer getting your mortgage to purchase the house from and you are waiting for the funds to be released so you can close? If thats the case it should not be too long at all unless some unforeseen issue arises or there is missing paperwork
I would venture no more than a week or so if all is right.
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