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Asked by Debbie L, Holtsville, NY Tue Apr 7, 2009

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Carol Bromm, , Babylon, NY
Tue Apr 7, 2009
Wells Fargo seems to be one of the more efficient banks when it comes to closing a short sale. Part of the problem lies with the seller providing all the information the bank needs to approve the sale, such as hardship letter, tax returns, pay stubs, etc.

As stated before, once everything is in place and it is approved, be ready to move fast.

Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman, Babylon
631 422-8269
0 votes
Jaishree Zil…, Agent, Woodbury, NY
Tue Apr 7, 2009
Buying a short sale can take from begening till end anywhere from 3months to 6/7 months. The bank's reply time can be from 60-90 days. Once bank approves the short sale then bank wants to close asap. The buyer has to get their mortgage in order and be ready to close in a short notice such as 7-15 days. The short sale lender does require commitment from the purchaser. The short sale lender will have their own appraisal done to see the value of the property and they can counter your offer and ask for more money.
BPO means broker price opinion, it's like an appraisal of the property.
Just an advise, make sure your Realtor and Attorney is a Short Sale Expert.
Please feel free to email me if you have any questions. Good Luck..
0 votes
Gail Gladsto…, Agent, 11743, NY
Tue Apr 7, 2009
BPO is Broker's Price Opinion....

Purchasing a short sale can take anywhere from weeks to quite a few months. You must be patient. when the bank does approve it, you will have almost no time to put everything together. Best advice, get as ready as you can now so when the bank says we will close in 4 days or you don't get the house, you are ready to go.
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