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Asked by cedricterry1919, Lancaster, CA Sun Oct 14, 2012

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Answers

6
Jane Peters, Agent, Los Angeles, CA
Sun Oct 14, 2012
I would presume you are using an agent. If not, then the seller must have one. Someone should be keeping you updated. This seems an awfully long time to be waiting after a bank approval.
0 votes
Cindy Davis, Agent, San Diego, CA
Sun Oct 14, 2012
Although often resolved in six months, I've seen some short sales drag on longer. Here's the important part - Do you have a Realtor that you worked with? If so, your Realtor needs to get on the ball and communicate with the listing agent.

If you did this without using an agent, then it is your job to contact the listing agent and/or the negotiator directly.

Your statement is confusing to me....because you say the bank accepted i...which means it was approved....so am not 100% sure I know what you are referring to,

In either event, contact your Realtor or the Realtor on the other side of the deal.
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Sun Oct 14, 2012
If both the seller and bank "accepted"--meaning the bank approved--you should be proceeding through escrow according to your contract (likely 30-45 days). If you mean how long will the bank take to actually approve the short sale, a better question is how long are you willing to wait? I've seen anywhere from 4-10 months, a few shorter, and a few longer.
0 votes
carlos parra…, Other Pro, Monrovia, CA
Sun Oct 14, 2012
It could take anywhere from two weeks to 6 months. Have your agent explain to you the process and the obstacles.
0 votes
Douglas Perez, Agent, Los Angeles, CA
Sun Oct 14, 2012
That's right. There could be other liens to the property to be negotiated. Has your agent informed or provided a copy of a title abstract?
0 votes
Barbara Gran…, Agent, Anaheim, CA
Sun Oct 14, 2012
Hi Cedricterry,

Good question. Is there is more than one loan on the property? Are there tax liens, HOA liens, etc.? An additional loan or liens can lengthen the process. Also, is the listing agent handling the short sale or do they employ a professional negotiator to help navigate the short sale process? If the listing agent is handling it, are they experienced in handling short sales? There are many pieces to a short sale puzzle.

Since each short sale is different, one may me be approved within a few weeks, while another can take many months. It just depends on what is involved. Hopefully, your patience will pay off and you will get a great house at a great price!

Best of Luck,

Barbara Grandolfo
0 votes
thanks for the reply,how will i know if they have tax liens,hoa liens,and yes there is a second with bofa.
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