Short Sale Approval

Asked by Jfinsup1, 60030 Fri Sep 10, 2010

Thank you everyone for all of the great advise -- we Got the final approval on the Short Sale offer -- We were told to initially to expect 6 months bc the seller has 2 mortgages on the home.. In 5 weeks we were giving final approval :) We has the home inspection and are set to close October 7th.. but can close anytime sooner if we'd like. Just wanted to share a short sale success story for everyone else that is waiting -- just be patient and things can work out. Hopefully the process will start to get easier!!

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Jfinsup1’s answer
Jfinsup1, Home Buyer, 60030
Mon Nov 1, 2010
Yes Jim we did close about 3 weeks ago -- everything went really smooth with the short sale -- we actually has a harder time with our FHA loan -- they wanted everything short of your first born to mark it OK to Close but we did. Was driving behind your truck the other day down 83 with the STARHOMEFINDER.COM. decal.
0 votes
John Walin, Agent, Libertyville, IL
Sun Mar 31, 2013
trulia should pull old questions, IMHO
1 vote
Jim Starwalt, Agent, Grayslake, IL
Mon Apr 1, 2013
So. Jfinsup,,
For the record, how long did the short sale take to complete? And do know how many banks were involved which bank or banks they were? (on the short sale side?)
Jim
0 votes
Jim Starwalt, Agent, Grayslake, IL
Fri Oct 29, 2010
Congratulations! Did you close? I have been getting 30 day approval on most of short sale deals these days. When handled properly they can go pretty smooth!
0 votes
John Walin, Agent, Libertyville, IL
Sun Sep 26, 2010
Congrats on your scheduled closing! Not to throw water on your excitement, but I have seen repeatedly that the 2nd lien holder changes their mind last minute and can surprise a deal at the closing table. Get verification from the primary lender that in fact the 2nd lien holder is satisfied with the amount they are getting at closing and the 2nd mortgage might still pull some shenanigans. My anecdote goes as follows...All is good, approved and set, and then the 2nd mortgage decides they want $5,000 instead of $3,000 on the $10k 2nd lien the day before closing. Buyer is then put in the position of having to bring an extra $2k cash to close on that day. My suggestion is don't plan on closing the 7th and taking possession with movers etc. The 2nd lien holder has a lot of power as a spoiler and often that is the only way they can recover some of their loss. If you are getting a spanking good deal, it might be worth it to assist the seller in paying off the 2nd lien differential to keep the deal together. Have a really good real estate lawyer, not a divorce or DUI attorney, but someone that does this day in and out.
Best of Luck!!
0 votes
Conrad Hodgs…, Landlord,
Fri Sep 10, 2010
Just be sure to keep on top of the Trustee. Often time agents think if the lender said they would postpone the auction foreclosure date that it is automatically done. Calll the Trustee aswell and make sure they have updated their sytem to reflect what the lender has stated. Remember they are two entirely seperate entities. Congrats and good luck. Short Sales are a "Contact Sport" and I love hearing success stories.
0 votes
Bill Eckler, Agent, Venice, FL
Fri Sep 10, 2010
We need to hear these success stories and be reminded that good things can happen.....if only these short sale occurances(miracles to many) were more common!

Bill
0 votes
Chris and Ma…, Agent, Redding, CA
Fri Sep 10, 2010
Excellent! Persistence and patience pays off. Unfortunately, this isn't the outcome for other buyers but with the right agent and committed attitude it can happen!
Web Reference:  http://shastaliving.com
0 votes
Thomas Tolbe…, Agent, Savannah, GA
Fri Sep 10, 2010
Congratulations and thanks for the encouraging update! :))
Web Reference:  http://savannahgahomes.net
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Sep 10, 2010
Congratulations and all the best to you.
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