Needs sort of ideas pls. What's the status?

Asked by Ca, Fontana, CA Mon Jan 21, 2013

We have put an offer with the listing agent as my realtor on nov 12 2012 with citi financial bank. it's been 2 months 2 weeks since we put the offer but today bank ask for sellers updated 2012 taxes, paystub, bank statement. Where are we now in this case? Should you think how many more weeks/month to wait before they give us any final answer? And do you think negotiator has been assigned to the file already?thanks a lot

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5
, ,
Tue May 7, 2013
Short sales take time.. Have patience as mentioned below it can take up to 6 months.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes
Katherine Jo…, Agent, Rancho Cucamonga, CA
Mon Feb 25, 2013
When dealing with a short sale it can be a process. There a few banks that can give an approval within a month and others p to 6 months. Unfortunately we as agents cannot give the buyer or seller an honest time frame at all. Being a buyer just know its a process and you need to be patient.
good luck on your purchase.

Gods favor

Katherine Johnson
Dre 01205852
0 votes
Walter 'Skip'…, Agent, Brea, CA
Tue Jan 22, 2013
IMO it could mean one of two things. Either the seller's lender is still trying to confirm hardship or they are finalizing the short sale package for management approval. Ask your aent if the BPO has been completed and has the lender asked for an updated HUD1. These actions might help you determine the status.
Good luck,
0 votes
John Santana, Agent, Ontario, CA
Mon Jan 21, 2013
Hello Mr/Mrs home buyers, first you should ask your realtor these questions since he/she should be the main source since that person has a fiduciary duty to represent you and if you are not comfortable with the agent then you may need to investigate further. Second the bank does often ask sellers to update financial information. Third, this information is commonly requested by a negotiator and since it is being updated this is not the the intial short sale opening package so most likely the file has a negotiator. Fourth, you should have signed a short sale addendum when you wrote the offer and there is a blank that should have been filled in with a number that would represent how many days the sellers have to give you written short sale approval, if you are past that point then it is up to you if you would like to pursue another property or wait for this one. A common time many put for that number of days on the short sale addendum is 45-60 days but some ask for more time. In this market time is of the essence and if you feel things are not moving along as fast as you like, then you may want to entertain/pursue other opportunities. A short sale can often take longer than expected and with so many uncertainties anything can happen. I have seen some take over three years before closing escrow, some where the sellers decide to try a loan modification, sellers who decide to cancel the sale and stay in the property as long as possible before foreclosing leaving the buyers with little to no recourse. On the bright side buying a short sale in some cases is beneficial and some buyers walk away getting a home below market value leaving them instant equity and often the property they were desiring to call home.
If you truly have the time and this is the property you are in love with then wait and see what happens, if your financing is not strong and a change in interest rate or your credit score could prevent you from buying in the area you desire then you may not want to stop your search while waiting for this one.
Thanks for your time.
JOHN SANTANA
Prudential
(909) 230-8300
JohnSantana4Homes@yahoo.com
DRE 1463515
0 votes
Craig Chasta…, Agent, Rancho Cucamonga, CA
Mon Jan 21, 2013
These would all be questions that should be directed towards your Realtor (listing agent). They should be able to better answer these questions than us. Every process and house is different.

Best of luck!
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