Home Buying in 48224>Question Details

Debra, Home Buyer in Detroit, MI

how to expedite a short sale?

Asked by Debra, Detroit, MI Thu Aug 12, 2010

Help the community by answering this question:

Answers

6
carlcoop’s answer
RUN AWAY AS FAST AS YOU CAN.
I MADE AN OFFER ON A PROPERTY THAT THE LISTING STATED "BANK OF AMERICA APPROVED PRICE REDUCTION". I THOUGHT THAT MEANT IF I PAID FULL PRICE IT WOULD BE APPROVED QUICKLY. WE OFFERED MORE THAN THE LIST PRICE. IT IS 110 DAYS SINCE THE OFFER AND FOR THE LAST 6 WEEKS WE HEARD THE APPROVAL SHOULD BE THIS WEEK. SEVERAL DAYS LATER THE BANK OF AMERICA FINDS ANOTHER HURDDLE TO JUMP. THE PROBLEMS ARE DISHED OUT ONE AT A TIME . I DON'T KNOW WHO IS AT FAULT BUT IN MY JUDGEMENT ALL THE PROBLEMS SHOULD BE LAID OUT INITALLY, NOT ONE EVERY 2 WEEKS. EACH DAY/WEEK THERE IS MORE TIME INVESTED AND THE REALESTATE AGENTS GIVE ANOTHER "DOWN THE ROAD" STATEMENT.
DO NOT FALL IN LOVE WITH THE PROPERTY AS WE DID. BE PREPARED TO CUT YOUR LOSSES AND MOVE ON.
0 votes Thank Flag Link Fri Sep 20, 2013
BEST ANSWER
Hi Debra, here we meet again. There is alot involved in a short sale. From the time the seller applies for the short sale to the final acceptance of the bank and all the terms involved it takes time. Especially if the seller has more then one mortgage on the house. Even if the seller has accepted your offer it still has to be accepted by the bank. That is when the seller and the bank have to come to terms with the debt. This process can take a while, and the banks are loaded with them right now. I have seen them close in two weeks and I have seen them close in 6 or more months. Sadly the banks each have their own way of doing things so agents don't have any real guidelines. If this one short sale is frustrating, try doing many of them. Agents never knew they had so many patience until we sarted doing short sales.
How long has it been since you put in your offer?
0 votes Thank Flag Link Thu Aug 12, 2010
Debra,
Expedite the things you control and endure the parts you don't. Banks need a complete file to move an offer through the system. The biggest avoidable delays are caused by files missing items. To be fair, you can submit a perfect file only to have the bank lose some pages you sent.
Submit a complete file, confirm they have it and it is complete, re-submit any lost of missing items, repeat and pray as necessary.
0 votes Thank Flag Link Mon Sep 20, 2010
Assuming you have a real estate agent/ negotiator experienced in handling the transaction, there is nothing one can do to expedite the short sale situation. It just takes time. The banks get to it when they get to it. The buyer who is patient tends to be the one who ends up with the property.
Web Reference: http://www.thehousewiz.com
0 votes Thank Flag Link Mon Sep 20, 2010
Unfortunately, there are no set ways to expedite any short sale, unless it was already pre-approved by the lender, and some lenders are quicker than others--keep in mind that much patience is needed when dealing with lenders and all their red tape.
0 votes Thank Flag Link Thu Aug 12, 2010
Debra, there is not necessarily a way to expedite a short sale. The best way to do this is to have someone who is experienced in negotiating short sales who knows exactly what the bank will want to consider it. My full short sale packages are at a minimal 30 pages and sometimes as much as 60-70 pages per lien holder. It depends on the bank as to how long the answer will take. If you are working with a large national bank it tends to take a little longer, but if you are working with a small community bank sometimes you do get quicker responses from the lenders. The typical response from a Loss Mitigator at the bank is "Sorry! You have to wait in line just like everyone else!" With a large bank it generally takes a full month before ever being assigned to a Loss Mitigator. There are processes that have to be taken at the bank too. It is just not a one man show. The bank has to get answers from the end investor, sometimes a PMI company and then a committee at the bank. This is a HUGE process with many people involved before being able to get an approval letter and/or denial of the short sale.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Thu Aug 12, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer