Posts Tagged “take”
Nov
06
2011
 
How long do short sales take from beginning to closing date?Posted by Usual in Short Sales, tags: beginning, closing, date, From, long, Sales, Short, takeIt’s been 65 days and still no answer. I have been told it’s in the last step.
Oct
27
2011
How long does a short sales take to close?Posted by Usual in Short Sales, tags: close, long, Sales, Short, takeI put an offer on a home back in November and the property has been “contingent” since then. How much longer?
May
02
2011
HOW long does a short sale take!!!?Posted by Usual in Bank approved short sales, tags: long, Sale, Short, takeHi, I’ve signed a counteroffer, The seller and buyer (me) have come to an agreement and both have signed the paperwork…yet we’re not in escrow yet! My agent says the bank has to approve the short sale and that it can be timely…its almost been a month!! How long do these things take??? I feel if the house listed at a certain price and Im purchasing it over asking price..shouldnt it be fine? Im just hoping im not wasting time waiting on this house and then it falls through…Thanks for your help anyone.
Apr
23
2011
Can anyone with insider knowledge of short sales tell me why they take so long.?Posted by Usual in Bank approved short sales, tags: anyone, Insider, Knowledge, long, Sales, Short, take, tell, theyNot even my realtor can explain what draws this process out so much. It took the bank three weeks to acknowledge our purchase agreement, was told it will take 4-6 weeks more to be approved, and then another month after that to close. Anyone work in that area of the banking industry?
Apr
22
2011
How long does it typically take for the bank to approve/reject offer on a foreclosure?Posted by Usual in Bank approved short sales, tags: approve/reject, BANK, Foreclosure, long, Offer, take, typicallyThe realtor said “rather quickly.” I’d like to know in terms of days/weeks what quickly means. Talking about an actual foreclosure, not short sale. In addition, do banks ever counter, or is it always just accept or reject?
Apr
18
2011
How long will it take for an offer to go through after the bank orders a BPO?Posted by Usual in Bank approved short sales, tags: after, BANK, long, Offer, orders, take, ThroughAccording to my realtor, the offer “has been qued as a short sale to the bank and someone has been assigned to the file. Now they are ordering a BPO, which is home values for that area. And once that is processed than we should see an approval.” How long will this take before the offer is approved after this?
Apr
14
2011
When Short Sale Negotiations Take Advantage of an Election YearPosted by Usual in Lender Approved Short Sales, tags: Advantage, Election, Negotiations, Sale, Short, take, yearWhen Short Sale Negotiations Take Advantage of an Election Year Why Submit Articles? 0 && $.browser.msie ) { Register Email Home Page > Finance > Real Estate > When Short Sale Negotiations Take Advantage of an Election Year When Short Sale Negotiations Take Advantage of an Election Year Posted: Dec 20, 2010 |Comments: 0 ]]> For those who have worked with our firm in the past, they understand that hearing the word “no” from a lender is not uncommon, nor is it uncommon for our staff view that “no” as nothing more than a hurdle. Most lenders and servicers have a hierarchy and we will keep moving upwards, until either we hear “yes”, or the most important person we can reach says “no” to us – whether it be a CEO, executive vice president, etc. However, if even the top of the ladder says “no”, then what? Recently, we had a file that took 6 months to close. Well beyond our usual time frame and longer than even the most extreme cases we come across. Without us, it might not have closed at all. Our client, actively serving in the military, was transferred out of state. As those in the military know, roots aren’t often planted while on active duty and transfers are a common part of the job. Still, that hasn’t prevented those serving our country from buying homes, living there for a couple years, then selling. Unlike many, these purchases weren’t made with the hopes of a significant profit in mind, but for some stability for themselves and/or family, in a very unstable profession. When the real estate market crashed, those who were accustomed to buying a new home with each move faced a harsh reality – they could no longer simply sell and either make a small profit or break even. Now, the only way out was paying down the balance, walking away or attempting a short sale. Going into the short sale, our client had impeccable credit and was as fiscally responsible as anyone I’d ever come across. The day she received her transfer order, she listed the home and notified her lender immediately. Within 2 months, we received an offer – just slightly above fair market value – and submitted it. We followed up for weeks, but saw no progress – we couldn’t even get it set up, let alone assigned to a negotiator. At around the 45 day mark, it was finally assigned to be set up, but that became a fruitless process of us submitting and re-submitting paperwork, only to have our auditor lose faxes, misplace docs, etc. We would submit something; follow up for a week between the auditor and the loss mitigation department, only to find out it needed to be re-submitted. Rinse and repeat. By the time all the requested documents were confirmed received, they were now outdated and needed to be refreshed. Ridiculous. At the 75-day mark, we began working our way up their corporate ladder. We emailed their CEO, who had the VP of customer service call us and advise, they’re doing the best they can, and we’d just have to be patient and wait. Our client was paying the mortgage as well as rent on her new apartment in an attempt to limit the damage to her credit and the money she was bleeding-out was drying up… we’d been patient long enough. Being that this was a VA loan, we felt a lender that is allowed to service a loan provided to active members of the military must be far more efficient in dealing with loss mitigation issues that are the result of a military transfer. With the benefit of being in the middle of an election cycle, we contacted the members of Congress currently serving on the Veteran Affairs Committee in both the state she was leaving, as well as the state she was moving too. They responded the same day we contacted them and enthusiastically offered their assistance. After all, if a lender is going to be privileged to service VA loans, they have a responsibility to do so in an efficient manner. If they are unable, it should be suggested that they lose the right to service those loans. Now, I don’t know what actually was said to the CEO of this lender when the offices of these congressmen/woman contacted them, but I do know this – we received an almost immediate response from the lender and all of a sudden, documents were being found and progress was being made. We received our approval about 30 days later and closed on the short sale last week. So for those of you out there tired of hearing “no”, keep looking for new ways to hear “yes”. For those who don’t want to deal with this at all, call us…
Retrieved from “http://www.articlesbase.com/real-estate-articles/when-short-sale-negotiations-take-advantage-of-an-election-year-3885067.html” (ArticlesBase SC #3885067) Start increasing your traffic today just by submitting articles with us, click here to get started. Jeff - I’m a Real Estate agent, currently serving as the Director of Short Sale Legal Services, a division of The Law Offices of Mark M. Bello, Esq. We assist clients with the short sale of their home(s), with our main objectives being: 1) Acceptance of the short sale by our clients lender(s), and; 2) Either a release from any liability for the deficiency, or a significant reduction. ]]> Questions and Answers Ask our experts your Real Estate related questions here… 200 Characters left I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me Rate this Article vote(s) Feedback Article Tags: Latest Real Estate Articles
Learn how to sell a home in a short sale in this video from experienced realtors and mortgage brokers. (02:54)
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Author Navigation My Home Jeff has 16 articles online Articles Categories Advertising Accounting ]]> Need Help? Site Links Webmasters Business Info Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License. I’m a Real Estate agent, currently serving as the Director of Short Sale Legal Services, a division of The Law Offices of Mark M. Bello, Esq. We assist clients with the short sale of their home(s), with our main objectives being: 1) Acceptance of the short sale by our clients lender(s), and; 2) Either a release from any liability for the deficiency, or a significant reduction.
Apr
08
2011
Does anyone know why short sales take so long?Posted by Usual in Short Sales, tags: anyone, Know, long, Sales, Short, takeI am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?
Apr
04
2011
After a bank accepts an offer on a short sale can they take it back?Posted by Usual in Bank approved short sales, tags: accepts, after, back, BANK, Offer, Sale, Short, take, theyMy husband and I are in the process of buying a short sale. The owners already approved our offer and last week we were told the bank accepted it as well. The bank however didn’t send the approval papers, just gave a verbal word. Today we had the home inspection and then after I got home, my real estate agent said the bank got the appraisal, pulled their offer, and upped a counter at 30,000 more than the original acceptance. Is this legal? My real estate agent says it is, and i’ve spoken with another broker who says that as soon as the bank accepted we were in a legal binding contract. He now says that our real estate agent is responsible for the mess up because unless they had a signed acceptance they shouldn’t have told us it was accepted by both the bank and the owners? What do we do?
Mar
25
2011
Short North merchants take sale DowntownPosted by Usual in Short Sales, tags: Downtown, merchants, North, Sale, Short, takeShort North merchants take sale Downtown Read more on The Columbus Dispatch |
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