Val, Home Buyer in Mystic, CT

I offered on a short sale supposedly approved already, offer was accepted but now seller wants 90 days to close. Probably not approved, correct?

Asked by Val, Mystic, CT Wed Apr 20, 2011

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14
Matt Pickett, Agent, Colorado Springs, CO
Fri Apr 22, 2011
in may case the short sale approval is only for 45 days. Ask for the approval paperwork from the lender
1 vote
Antonio Vega…, Agent, Saint Cloud, FL
Thu Apr 21, 2011
Once the seller's mortgage holder (bank) approves a SS they generate a piece of paper stating all the terms that must be met for a closing to occur. "Terms of the sale", have the listing agent send you a copy. If they have not received it then they will have to explain to you where they are in the process.

Tony Vega
Charles Rutenberg Realty
1 vote
Debra B Albe…, Agent, Port St Lucie, FL
Thu Apr 21, 2011
There are no "approved short sales".

A short sale approval is a point in time. It does not last long. The property information changes as the market changes. The sellers financial information can not be more than 30 days old. Everything needs to be constantly updated.

Actually an Approved Short Sale really means that the bank has a negotiator on the file.

Debbie Albert, PA
Keller Williams Treasure Coast
Web Reference:  http://www.ronanddebbie.net
1 vote
Edyta Gryc, Agent, Naperville, IL
Wed Apr 20, 2011
Most likely you are right. Please ask the owner for the approval letter from the lender. If the owner cannot provide one, the short sale has not been approved yet.
1 vote
gabriel palo…, Agent, Pompano Beach, FL
Wed Apr 20, 2011
Probably not approved, correct? Hurry up and wait?
1 vote
John Juarez, Agent, Fremont, CA
Wed Apr 20, 2011
I think that you already answered your own question.
1 vote
RAQUEL CORON…, , Miami, FL
Mon Apr 25, 2011
Val, the shortsale approvals are based on each contract they receive. In most of the cases, if a property reflects status as "approved shortsale" it was another buyer's contract that was approved! so From the moment your realtor submitted your contract, the lender will take their time to "approve" YOUR contract offer, or they will start their shortsale process all over again.
0 votes
Dante Escobe…, Agent, Miami, FL
Thu Apr 21, 2011
Approved Short Sale? Always confirm if that approval will still be valid or if it will be expiring shortly, a new package might have to be sent for approval. This will extend the process time for closing.
Web Reference:  http://www.danteescobedo.com
0 votes
Alma Kee, Agent, Tampa, FL
Thu Apr 21, 2011
Hi Val,

The Seller doesn't chose the closing date, it's the approving lender(s) and PMI companies. Once a new approval letter is issued with you as the buyer, it normally requires it to close no later than 30 days, 45 days at most.

So they may just be padding the contract with extra time in case the lender takes 60 days to re-approve the short sale.

Good luck, you're almost there!

All the best,
Alma
0 votes
Mali Shahbaz…, Agent, Miami, FL
Thu Apr 21, 2011
Probably it was approved for previous buyer, that has bailed out, with a new contract if BPO is not expired, 90 days sounds about right.
0 votes
Raisa Araya, Agent, DORAL, FL
Thu Apr 21, 2011
Val one question: Is the owner living in the property? if so them he/she is the one who needs the time to move. The negociator takes all the time they want without asking you. Good luck. Raisa Araya
0 votes
Carlos Escam…, , 33186
Thu Apr 21, 2011
Hello Val,
Some buyer's and Agent belived since the Short Sale is apporved you can close within 30 days or 45 days or because is a cash offer the bank will take less money because is cash.
well this is how it works, Everything start between all parties to be under contract subject to Short Sale approval. Buyer is willing to wait xxx amount of days if they want the property.
The bank will approved the Short Sale between those parties in the original contract if it take 30,90,180 days the Bank will only approved Mr & Ms on the original contract if there is a change in the contract it may not take that long it just required a new approval from all parties, Insurance companies if there is any and or investor depends on the case.
What I can say all banks are more effective doing short sale on this day so will probably take few day or couple weeks to get approved, But if that the house you want and there is nothing else similar you should wait for a couple months and see what happends.


I whish you good luck,.
Web Reference:  http://www.soldbuyrent.com
0 votes
Nayla Benitez, Agent, Miami, FL
Thu Apr 21, 2011
Ask the seller for the banks acceptance/approval letter from the bank. If he can't provide this piece of paper to you than it probably means the bank has not accepted this short sale yet. Normally with this approval the bank will also outline all that is required in order to proceed to the closing. Good luck!
0 votes
Phil Rotondo, Agent, Melbourne, FL
Thu Apr 21, 2011
Val;
90 days to close. Sounds better than not knowing or waiting any longer.
Be happy you got that with a short sale.
Web Reference:  http://www.321property.com
0 votes
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