OK, without going into too much gory detail and possibly bringing down a jinx 🙂
One of my short-sale offers was approved by the bank (actually, they wanted 20% more than my original offer, but I stood pat and they agreed to meet in the middle which is fine and dandy in my book). They have now passed it to the investor, since they’re only the servicer. They claim that I’ll hear yea or nay within 30 days of them passing it down, but that it looks promising since both the offer and seller meet the investor(s?)’ criteria. Broker says that 1-2 weeks is more typical than 30 days at this stage, but nothing is 100% typical with a short-sale I guess.
What are my chances of actually getting the damn thing closed within the next 1-2 months? Can anyone speak from experience here?
Are you paying cash OR getting a loan ?
Is there a 2nd or HELOC on the property OR just a 1st?
Your loan process cannot officially start until
you have a fully executed purchase agreement signed by all parties. The typical timeline for a purchase loan from origination is about 30 days, depending on many factors that are out of your control. Escrow companies that they use are often
overwhelmed. Always best to have buyer’s choice of escrow rather than seller’s.
One hang up with short sales is the the ability of the signing party/investor to prove that they have the authority to sell the house.
It’s often an LLC or similar, and the signer needs to prove to underwriter that they have authority.
The deed is in the current owner’s name, their signature will be required as well.
1 month isn’t likely unless you are paying cash.
*HLS
We waited for nearly 9 months on our short sale without a peep from anybody. Then suddenly, the bank approved on the condition we could close in 21 days.
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