Home Buying in McHenry>Question Details

reneemoraes,  in 60051

short sale denied?

Asked by reneemoraes, 60051 Fri Nov 2, 2012

OK, i will try to make it short, we put in an offer on a short sale june 1 2012, end of Sept the bank countered our offer and we said ok to the counter. Its is now a month later and we still have not heard anything. According to their lawyer, they said we are waiting for Fannie Mae to appove this.( they are trying to work out an issue) Any idea what the wait is or how long this can take.

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Mary Juhl’s answer
Ah, but if you were the lender and saw the market improving (increasing the value of their asset (the property)) AND the guideline change to improve your position financially, then you (as the bank) would step back and re-evaluate.Possibly even KEEP the asset on the books for a few years. So, If you want the property bad enuf then 'endurance' is the game. If there are other homes that are interesting to you, I would recommend you ask your agent to find short sales/ REOs that are held by lending institutions that have current reputations of 'being easier to work with'. Best agents know how to research at that level.
1 vote Thank Flag Link Sat Nov 3, 2012

Mary's answer really hit the nail on the head. Bottom line it's a process. If you have the time, truly want the property and the price is right then resubmit the short sale. Anything is possible and you never know you could come out better then before. At this point,I would ask if the sale is being escalated to management. This may help the process. Good Luck!
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0 votes Thank Flag Link Fri Nov 2, 2012
we actually just found out the short sale was denied on 10/31. Kind of seems weird because of the new guidlines that started 11/1. We were told we can try again under the new guidlines but we have to start over. It just makes no sense, it took 5 months to get a no and now starting over again. Seriously what is going on here,
0 votes Thank Flag Link Fri Nov 2, 2012
There is no standard wait time, because there is no standardized process/procedure. There are guidelines, and trends, and a few generalities, but even these vary with each lending institution..Ii have seen the short sales take 90-120 days. But I have also processed some in as little as 50 days. Short sales demand from the buyer endurance. The issue could be a myriad of items ranging from slow processors to sellers becoming uncooperative to title changes. If you are at the 120day mark, take hope in knowing your are most likely closer to the end than the beginning. I hate to be so vague, but it is the nature of the beast. Best of luck to you and 'here's to a quick end to a long arduous process."
0 votes Thank Flag Link Fri Nov 2, 2012
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