How long does US Bank typically take to respond when they are the second lien holder on a Short Sale?

Asked by Short Sale Rookie, Washington Wed Jan 6, 2010

We made an offer on the house December 9th and the Selling Agent had submitted it shortly there-after. The first lien holder is being paid off as well as part of US Bank's second. How long does it take on average to get a response from US Bank on a Short Sale. The selling agent said it would only take a month... is that true?

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9
Mike Linkena…, Agent, Jacksonville, FL
Mon May 2, 2011
They were actually just voted one of the worse in the country for short sales. My bet is that this property still hasn't closed! Do you have a Washington DC short sale specialist assisting? Check out -
0 votes
William Squi…, Agent, Naperville, IL
Wed Feb 16, 2011
US BANK generally takes 6-8 weeks for a response. They recently started receiving offers through email instead of the dreaded fax.
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Mike Linkena…, Agent, Jacksonville, FL
Wed Dec 1, 2010
US Bank is horrible. It is a pretty big craps shoot with them unfortunately. Check out
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Thu Oct 28, 2010
Buying a Short Sale

Buying a short sale is not like buying a property in a traditional way. A short sale may have some risk but it also can be very rewarding. When you are searching for a short sale you will want to make sure you are prepared. Here are some things you will need to consider.

First of all, you need to make sure that you have enough time. It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.

Short sales take a long time because the bank has to review it and they are back logged with many short sales and don't have enough coverage to complete them in a timely manner. The bank typically is willing to work with the seller and buyer on short sales to help avoid foreclosure.

One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.

If you have the time to wait, a short sale is a good way to go. One thing to be sure to ask when purchasing a short sale is, "who is handling it?" Is the Realtor an experienced short sale expert? Or is the listing agent using a Short Sale company that strictly focuses on short sales? By having someone with knowledge and expertise in short sales, it will make the process go much smoother and faster.

Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL tammyhayesre@gmail.com
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The Cascade…, Agent, Issaquah, WA
Wed Jul 7, 2010
Possibly. The second usually responds faster than the 1st.
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Get-smart, , Durham, NC
Wed Jul 7, 2010
I have seen short sales being approved in the same day assigned to a negotiator.
0 votes
Middleton And…, Agent, La Jolla, CA
Thu Jan 7, 2010
It's always hard to say.
The second lien holder is always offered a certain amount of money from the first lien (usually between $2,500-$5,000)
Until they are offered that amount they cannot begin their review.
Generally, once a bank has EVERYTHING they need including a settlement statement and payout it could be done in between 2-5 months (again...that's already having what they need.)
so the time it takes them is dependent on the first lien holder telling the seller/listing agent how much they are willing to offer the 2nd.

Best of Luck...Hang in there!
Web Reference:  http://www.sdhomeguy.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 7, 2010
There is no standar as far as time is concerned in a short sale, especially if 2 lenders are involved. Some banks are quicker than others; keep in mind short sales are by no means fast sales and patience is needed; think of all the red tape--was your offer on target with today's market conditions--keep in mind the bank decides to accept, reject or counter offer--oftentimes, there could be multiple offers, and the winner usually is the person with the best package--purchase price, downpayment, credit, etc. What is your Realtor advising at this point.

Anna
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Brad Fix, Agent, Yacolt, WA
Thu Jan 7, 2010
Hi
the short answer is there is no constant to when a bank will respond. as US bank is a second they will look hard at thier loss and my not accept offer as submitted my try to counter it takes time and don't be in a hurry if the home is worth the wait. but remenber that you are under contract and are at thier mercy. Hope this helps
Brad Fix
0 votes
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