Okay, I have an accepted offer on a short sale listing after only 10 days! YES, less than 2 weeks!
The bank is Citimortgage and I am in a redemption state. Basically, the owners have a 6 month right of recemption period after the sherriff sale. I sent everything the bank asked for, along with a net sheet, and the phone rang today with the usual "out of area" on the caller ID. Citimortgage is faxing me an accepted approval on the offer, which is 45k less than what the owners owe.
Countrywide on the other hand, has taken 10 weeks to make a decision!! The buyers are holding out, waiting patiently, but I never realized that I had that much patience.
Stay persistant with your offers and call back a 2nd time and talk to another customer service rep at the bank if you have to! I have noticed that you will get multiple answers for the same question.
CLOSED ON DEC 2ND. It went very smoothly, and the lender received $12 more than they expected. All the taxes were paid in full, everthing cleared. It's very important to know what fees are going to pop up on the HUD1. That way, you don't fall short at the closing.
FOR YOU SHORT SALE SPECIALISTS OUT THERE, THIS WAS A CITIMORTGAGE LENDER.
ADVICE: GET AN E-MAIL ADDRESS OF THE NEGOTIATOR!
That is AWESOME. 2 weeks. I am so jealous. Expect to wait at LEAST 3 months for Countrywide. I am at 5.5 months right now with a simple deal.
That is great!!! 2 weeks is a crazy amount of time. Around here we are looking at like 8 weeks.
That's great 10 days!!! I have been waiting on one for almost 2 months now! Jeez I hope I get an answer real soon! Good for you!!!
Congrats! I once had an approval in two days - it was total beginner's luck! Typically I see 60 days, but the worst was six months - and the buyer waited the whole six months.
Good luck!
Congratulations! I'm astounded. They just don't happen that fast around here. Perhaps it really helps that you're in a redemption state.
Wow, that is great news. Maybe we will be seeing more of this, let's hope!
That is great. I have done several shorts sales. The first one with Countrywide took 6 moths to close... This was a year ago. Then I did another short sale with a local bank that took 3 weeks from the day that I submittedthe offer to closing!! Best advice that I can give, thought it very time consuming is to call everyday.. several times a day...
sometimes it happens fast and others like HSBC make you wait forever.
Hey congratulations. Thanks for the post.
I actually walked into a short sale right after a previous deal on the same house had falled apart. From when I wrote the contract to closing was less then 3 weeks. Besides that one, it seems to take 2.5 + months to even get a response. I had to wait 1 time for 5 months with a cash offer on a short sale.