Isi Wu's Blog » 2009 » December » 09 http://isiwu.com Realty World - Blue Property Group Mon, 16 Apr 2012 16:46:15 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 How Long Do Short Sales Take??… http://isiwu.com/2009/12/09/how-long-do-short-sales-take/ http://isiwu.com/2009/12/09/how-long-do-short-sales-take/#comments Wed, 09 Dec 2009 18:00:40 +0000 Isi Wu /?p=223 question

 

Hellooooo my Beautiful Wonderful San Francisco Bay Area!!… The Burning Question of the Day!!

Everyone listen up… NOT ALL BANKS have the same requirements to close short sales… Dont Assume they’re all the same… ding ding ding… please wake up sellers, buyers and agents!!… alarm clock

The short sale process is generally as follows…

  • Complete Short Sale Package from seller and submit…
  • Submit Offer…
  • Bank acknowledges receipt…. 10 to 30 days…
  • Bank orders BPO or appraisal… 30 to 60 days…
  • File is reviewed… 30 to 60 days…
  • Negotiator is assigned… 30 to 60 days…
  • Level 2 Negotiator may be assigned… 30-60 days…
  • File is approved or rejected… 60-120 days…

If you’re running past 120 days… its possible the listing agent or a 3rd party negotiator isnt on the ball and very lax in contacting the bank… calling the bank can mean waiting on hold anywhere from10 minutes to an hour or longer… or it could also mean the bank has internal problems ie) not enough staff or lost the file a few times… causing agents to resend packages over and over… You cant always avoid problems in a short sale… PATIENCE is key… threats to walk away from your offer means nothing to the bank… stick it out and wait… if you really truly want the home….

smileyhsesold

Thanks for checking in… your comments are always welcome…

Come back and visit all the time!!…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…

 

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