Are these good signs? Short sale.

Asked by Elizabeth, Wimington Sat Jan 24, 2009

The bank has had my offer for a week and has already scheduled an appraisal for Monday. The offer has been given to the short sale team who is crunching numbers, but has not been assigned to any one person in particular and it takes 45 days to get an answer back. According to my agent we are in the 45 day period which should have has us closed first week of March. Additionally, I have a signed contract with the seller and the property is now listed as off market Sale Pending with no other accepted offers. Is this typical short sale behavior or do I have reason to be hopeful that this thing might actually go through?

Some other information. The owner has only had the property for a year. Loan was for 153k, and the list price was 124k. My seller accepted offer was 115k.

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Larry Story, Agent, Greensboro, NC
Sun Jan 25, 2009
Good I would just keep following up with your agent in that they stay in touch with the bank. They will most likely do their own appraisal and sometimes two to average them.

Good luck,
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Elizabeth, Home Buyer, Wimington
Sun Jan 25, 2009
My agent was told by the seller's agent who was told by the bank that it would take 45 days.
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Larry Story, Agent, Greensboro, NC
Sun Jan 25, 2009
Elizabeth unfortunately at this point it is not up to the seller to negotiate anything. Depending on what bank he is with this could drag out awhile. Some banks FHA included will not allow the seller to sign anything. For one at that price and if he cannot pay the difference then he cannot (by himself) deliver a clear title. He must have the approval of the lender. Unless they specifically said they have a 45 day period then it may take longer. Also your agent needs to be aware and in the process or he/she may not get paid or at the very least they may have their commission cut. There is always the chance it will go through. One of the most frustrating parts of this type of a transaction is the lack of any set guidelines. Each bank is different and they follow their own rules. As it is they way I read it you are asking the bank to give up over 29% of the money owed them. That includes taking out for the agents commissions. It is a possiblity depending on how the market is in that area and the apprasial. But, there is an equal chance the bank will say no. Just remember in a Short Sale you are not just negotiating with the seller you are negotiating with the bank.

Hope this helps,
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