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How long can it take to get approval from the bank on a short sale?
Wiki User
∙ 15y ago
on the hgtv program "my first place" it took 3 months , and my cousin is still waiting after 3 1/2 months !
Wiki User
∙ 15y ago
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How long is a property on short sale before it goes into foreclosure?
If you stop paying you mortage how long does it take before the bank will forclose
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
How long does a short sale stay on your credit?
10years...
How long does a short sale take?
As a buyer, you have to expect these long waits. Patience is the key to Short Sales. Each one is different and each bank has their own procedure. The first step of a short sale is to gather all for your paperwork. This consists of the following basic documents: Last 2 years' of tax returns Last 2 W2s / 1099s Last 2 bank statements Last 2 payroll stubs Financial statement or 1126 Form 4506 Signed and dated hardship letter
Will I have to pay the shortfall of my mortgage after a short sale?
In one way or another you will be responsible for and money in a short sale of your home. If you do not have the cash at the sale closing, I doubt you will be able to provide a clean title insurance policy. Without that, you will not be able to sell your home. If this is a different type of sale, other than a conventional mortage by the purchasers, the bank will come after you for any and all short sale. I know this is not good news... but the bank will want it's money... Sotty Addition by Soxos, They have 12 years in England to get the debt from you, and 5 years in Scotland.
What do you do if a bank refuses a short sale offer?
If a bank refuses a short sale offer, you can only make a new offer to the bank. Your real estate agent will be able to give more details about the short sale process.
What is subject to bank approval mean in real estate listings?
It means the bank has to "approve" the selling price before the property can be sold. The bank reserves the right to say no to any contract for purchase - even after the seller has accepted an offer. Usually means the property is a short sale or a foreclosure. Example, Mr. Buyer offers $500,000 for a house that is for sale. Mr. Seller agrees to the price and signs the contract. That contract goes to the bank for approval. The bank says No, we will not accept $500,000, we want more. Mr. Buyer and Mr. Seller now cannot go through with the sale of the house at the price of $500,000. Mr. Buyer can up his offer and try again, but the bank has to "approve" the selling price before the house can be sold. No bank approval, no sale.
Where can I find a price on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
How long is a property on short sale before it goes into foreclosure?
If you stop paying you mortage how long does it take before the bank will forclose
Do you have to pay your mortgage when you short sale your home?
From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.
What are the short sale ramifications?
A short sale incurs a loss for the bank or other institution that extended the loan to the homeowner. Therefore, the homeowner must negotiate the terms of the sale with the bank before attempting to sell the property. There are a variety of consequences for the owner of a short-sale property.
Does homeowner of a short sale have to take bid that meets bank price?
no
Does sale have a long or short vowel sound?
long
Does sale have a short or long vowel sound?
The word "sale" has a long vowel sound, pronouced as /seɪl/.
Does the word stale have a long a or short a?
The word "stale" has a long a sound, pronounced like "stay-ul."
How do you propose a short sale?
You contact the bank's loss mitigation department and tell them that you want to start a short sale. You also request their requirements for a short sale and ask them how the process works. It is best to be honest and up front with them and ask questions. The bank wants to avoid foreclosure and will make every effort to do so.
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
