We put in an offer on a home Sunday and last night we learned that it was going to be a short sale. It wasn''t listed that way but what we were told was that the seller had a 2nd mortgage or HELOC that she didn''t even tell the listing agent about
We''re a little peeved b/c we wanted to have 30 day closing and we''re hearing it could take 90 days! Which would be okay I guess, except my lease is up on my apartment in 60 days.
Our agent said the seller and listing agent were on the phone all day Monday and have talked to the lender and accepted our offer (complete with DPA and some closing costs) and the lender approved the short sale. So today we re-did our contracts for the short sale and I guess now we have to wait for the banks to accept this offer.
If the seller already talked to them and asked about the short sale and got approval to go ahead with the sale is that one step out of the way? Will that help speed this up?
I''m guessing this won''t be a huge loss for the bank b/c it''s not a high dollar property so where they might lose 10-15K on this one they could lose 50K+ on a larger property so doing the short sale on this one is much better than a foreclosure (oh and the 2nd Mortgage is with Countrywide so the last thing they need is another foreclosure).
Any one bought or sold a short sale recently who can tell me in general what to expect?
We''re a little peeved b/c we wanted to have 30 day closing and we''re hearing it could take 90 days! Which would be okay I guess, except my lease is up on my apartment in 60 days.
Our agent said the seller and listing agent were on the phone all day Monday and have talked to the lender and accepted our offer (complete with DPA and some closing costs) and the lender approved the short sale. So today we re-did our contracts for the short sale and I guess now we have to wait for the banks to accept this offer.
If the seller already talked to them and asked about the short sale and got approval to go ahead with the sale is that one step out of the way? Will that help speed this up?
I''m guessing this won''t be a huge loss for the bank b/c it''s not a high dollar property so where they might lose 10-15K on this one they could lose 50K+ on a larger property so doing the short sale on this one is much better than a foreclosure (oh and the 2nd Mortgage is with Countrywide so the last thing they need is another foreclosure).
Any one bought or sold a short sale recently who can tell me in general what to expect?