approved short sales

Asked by hereinhull, Boston, MA Tue Jan 26, 2010

My husband and I put in an offer in June of 09' on a short sale and everything was approved Jan 4th 10'. Is there any reason now that the house may not be able to close? There have been a lot of bumps in the road and we dont want to get excited if it still may not happen.

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Eric Michael…, , San Diego, CA
Tue Jan 26, 2010
I think you're good to go! Congrats. for wading into the waters and for sticking it out! I can't tell you how many people would have walked away from deals, given the length of time you've been at it.

You both should be very proud of yourselves. I can imagine there have been hurdles along the way, and as you've learned buying a short-sale property is not an easy task.

It's filled with many emotional ups and downs, but once you enter escrow you're starting to reach land! Soon, you'll have the home you've waited so long for.

There may be a few more hick-ups, but once approved Banks usually try to handle the sale in an expedient manner. Should anything come up, your realtor should be well equipped to take care of it, but given the information you've supplied I think you're well on your way to owning this home that you both have waited so long for.

Of course, no one can guarantee things will go according to plan, so "try" to get some sleep at night without worrying about it too much, if you possibly can.

At this point, I can imagine it's hard to contain your excitement, but just to be safe, I'd still reserve a bit of caution, within your "emotional bank," just in case something pops up that no one could have foreseen.

It's unlikely, but possible. Stay positive, and keep your intentions on moving forward and it should all work out well. I'm sure your realtor has everything under control and is doing his or her absolute best to speed things along, at this point.

Congrats.! and good luck!

Eric M. Abrams
CA DRE: R01862927
0 votes
Larry Naso, Agent, Scottsdale, AZ
Tue Jan 26, 2010
Once approved by the Seller's Lender, there generally is a stipulation as to exactly when the property must close. It has been my experience that you (i.e.your agent) must keep a close eye on the Seller's agent and the escrow company to make certain ALL details are handled within the time frame. Getting an extension is difficult because there are so many different levels and hoops to be jumped through on the Seller's Lender's side of the deal. I have a couple of articles on my website.
1 vote
hereinhull, Home Buyer, Boston, MA
Tue Jan 26, 2010
thanks for the answers! it is encouraging to hear we are almost there. We have a closing date of feb 19th and i know the bank is ready to go as much as we are, so hopefully that is it for the "hiccups". Everything on mine and my husbands end is good to go. So exciting! Again, thank you!
0 votes
Heidi Zizza, Agent, Framingham, MA
Tue Jan 26, 2010
The bank approval is usually only good for 21 to 30 days. You should be fine now as long as your lender is ready to go. Good Luck
Heidi Zizza
mdm realty
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0 votes
Andrew Adams, , 01915
Tue Jan 26, 2010
No one on this site can answer that question. If the sale has been approved then the hurdles you could face should be no different than any other purchase transaction.
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