[tbill618]

The sellers agent told our agent that the bank has asked for the contact information for the seller. (I don't know why they wouldn't have this.) Anyway, he thinks this is because they are doing the BPO soon and want to look at the property. That is good news. We are moving along and now wait for the bank to come to us and tell us what they think the property is worth. That is the next step and our realtor says we should be about 45 days from closing once we agree on the price.

So I am guessing 2 or 3 weeks for them to figure out what the house is worth + another 45 days would have us closing around Thanksgiving.

I am an optimist, BTW.

[irishspy]

Hello everyone, just an update on short sales and sales in general it appears that short inventory is a common theme every where and not just for SS. My sister is putting her townhouse on the market OCT 1 in Boston area and the first thing the real estate agent said the market is tight and inventory low sound familiar. Places like my sisters only stay on the market here for about 40 days. I wish everyone luck in their quest.

[tbill618]

Ok, BPO is done. The deal is going to the negotiator next week. Once we get a price closing should be less than two months away. Anybody know how long the negotiator takes?

[lvoc]

Originally Posted by tbill618

Ok, BPO is done. The deal is going to the negotiator next week. Once we get a price closing should be less than two months away. Anybody know how long the negotiator takes?

Negotiator takes a few days to determine position. Than it is back to you. If you get in agreement it normally has to go to the "investor" for approval. That is generally a couple of days. If "investor" accepts It you can close in 10 days to a month. Normally the acceptance letter is a month or even less.

[tbill618]

Originally Posted by lvoc

Negotiator takes a few days to determine position. Than it is back to you. If you get in agreement it normally has to go to the "investor" for approval. That is generally a couple of days. If "investor" accepts It you can close in 10 days to a month. Normally the acceptance letter is a month or even less.

Thank you. As I said I am an optimist and this is moving much more quickly than I originally thought. Now if they will only be so kind as to give it to us at the price on the contract...

[irishspy]

It was 2 weeks on our sale because the bank and seller had a $3,000.00 difference they settled it but if they did not then we were going to be asked to help contribute to solve the dispute. They settled it. At this point in the SS process we were kinda over a barrel because it had been 5 months into it and we knew the market was very tight and did not want to start all over again. This is where the banks get you and there is no control in place to regulate this. Big deal you get your Ernest money back but we would have lost out on the $$$ we spent making two trips to LV the home inspection and etc, plus we started to liquidate things from our other homes. The SS process is not for the faint heart or second guesser.

[eventusstultorummagister]

Short Sales Explained - YouTube

[lvoc]

Originally Posted by eventusstultorummagister

Short Sales Explained - YouTube

Not bad but a bit overly simplistic.

The short sale process is an evolving one that changes over time and from lender to lender.

As a for instance we now see lots of short sales where no hardship is involved.

OP here has a reasonably good one so it is not an issue.

We also are seeing short sales being negotiated without missing any payments. That used to be impossible.

And we have seen some very fast short sales. We represented buyers in one where a short sale was initiated and closed in a couple of weeks. Unusual circumstances but stilll.