How Long Should You Wait for Short Sale Approval?
Monday May 4, 2009
Waiting for short sale approval can be agonizing, especially for first-time home buyers.
Some banks such as Countrywide, for example, move files through a minimum of two phases. During the first phase, the wait is at least 30 business days. If the Phase 1 negotiator does not look at the file or make notes in the file, you can ask for the file to be escalated on the 31st day. After a negotiator has been assigned, Phase 2 can take about 60 business days to process.
That's assuming that Countrywide hasn't lost the paperwork or decided by mistake to close the file. Fortunately, other banks are much faster and on the ball, or nobody would ever close a short sale . . . read more about Short Sale Approval.
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Comments
Word of advice: Make sure you are working with and experienced real estate broker in these transactions. Not only are they more complex, but they are often the targets or instruments of mortgage fraud.
I have talked to a lot of mortgage brokers and law enforcement folks that are seeing unsuspecting victims getting entangled in these scams.
Elizabeth, Thank you for writing all these blogs on short sales. They are extremely informative and sooo well written. I have been in Real Estate for more than 30 years and I always learn from your blogs. Thank you again.
Bank of America recently eased their short sale policy to facilitate more deals…banks are obviously making adjustments to deal with the influx of short sales, so they should begin to pick up in the coming months…