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12-18-2012 at 3:44 PM
BriarRose8...
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Joined on 02-16-2010
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BriarRose84 is not online. Last active: 01-03-2013, 3:46 PMNewbie

Short Sale question...

Hi!

We are currently under contract on a short sale. Our realtor says we are in the final stages. The update I got today is that it has been submitted to the investor for approval. Our realtor is hoping we will get our answer by the end of the week. How realistic is that? The short sale is with BOA and we have been under contract since September. The BPO and everything has already been completed and signed off on.

 


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12-19-2012 at 1:30 PM
Brina105
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Brina105 is not online. Last active: 04-24-2013, 12:27 PMNewbie

It's really hard to say. Our short sale is with Met.

It took us 4 weeks to hear anything after hte BPO was completed. Infact, they got back to us on the DAY that hte contact expired (we gave them 45 days). Then we had to extend another 30 days for the 2nd mortgage to be approved( not sure if you have this issue or not)

Maybe your agent has heard something from the listing agent who heard from the negoitator.

 We are currently waiting for approval on the 2nd mortgage on the home-- and our realtor told us it's not realistic that we will hear this week or next due to the holiday. Our contract expires on 1/4/13.

 
12-19-2012 at 1:48 PM
LoveKiss
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Joined on 10-21-2009
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LoveKiss is not online. Last active: 05-18-2013, 8:12 PMBronze
It really depends on the person whose job it is to make the decision, his/her workload, and his/her vacation schedule ('tis the season!). When we got to that stage where all of the prep work was complete. we waited about 2 weeks before hearing their response. With it being the holidays, you may want to prepare yourself for waiting until after the new year. When does your initial contract expire?

 
01-02-2013 at 2:03 PM
BriarRose8...
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BriarRose84 is not online. Last active: 01-03-2013, 3:46 PMNewbie
Sorry for not responding sooner. We just had to extend our contract but the update today is that we should have the final approval within the next week. I'm still a little skeptic because we have been told 'a week' several times now. But I'm hoping we will hear in time to close in Feb. We extended the contract until the end of Feb.

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