I am awaiting approval on a short sale through GMAC. They have all the req'd paperwork and have ordered the BPO. How much longer can I expect to?

Asked by Gabby, 48195 Thu Nov 3, 2011

wait?

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Tina Davis, Home Buyer, Middleburg, FL
Fri Oct 26, 2012
just wondering how this turned out ..as I am now going through this process strating 10 -3-12 any timeline or info, Gabby that would be helpful to us?
Thanks Tina
0 votes
Phil Rotondo, Agent, Melbourne, FL
Fri Nov 4, 2011
Gabby;
If you prepare yourself for a long wait and/or the possibility that the short sale will not be approved then you won't be disappointed.
Web Reference:  http://www.321property.com
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Gabby, Home Buyer, 48195
Thu Nov 3, 2011
Hi Karen, thank you for your response. The offer was submitted to GMAC on 10-3-11. In the weeks following that they requested additional paperwork from the seller and confirmed they had received it and had everything they needed. They also did a check to make sure foreclosure proceedings had not begun and they had not. They have now ordered the BPO just this week. There is only one loan on the property.
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Karen Paytas, Agent, Clinton Twp, MI
Thu Nov 3, 2011
Hi Gabby:

How long has the above mentioned processed taken? I've had approvals with GMAC in less than 60 days. Depending on the situation short sales can take as long as 6 months. GMAC has to do all of the document gathering from the homeowner as well as the BPO's so there is alot of information gathering. I would make sure your agent keeps in regular contact with the listing agent for updates. Since GMAC mortgages are handled by an automated system the listing agent can ask for updates weekly on the status of the loan.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
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