Short Sale Under Contract
Posted by loftinka on April 25, 2005 at 12:00:21:We have tried to sell condo for loan value for over two years with no serious takers. Decided to do a short sale and have an offer in lieu of bank approval. Countrywide has all the info but won't give any feedback on approval or no. How long does this typically take? (it's been 5 weeks) Can the buyer walk or are they obligated to wait per the contract offer? The bank has told me not to make a payment until they figure it out, but then turned around and said to make April payment. This made me late on payment, are they playing games to ruin my standing. Do I just keep mailing in payments until they say yes/no? How long after it's approved will it take to close? Buyer had a rate locked in until the end of this week. If this doesn't happen can I persue a deed-in-lieu? Will this mess up my husband's credit since he isn't on the loan? Loan is in Utah, and short is about 6k plus agent & closing fees.
- Re: Short Sale Under Contract - Steele in Minnesota 11:03:36 04/30/05
(0)
Name : E-Mail : Subject :
Comments:: We have tried to sell condo for loan value for over two years with no serious takers. Decided to do a short sale and have an offer in lieu of bank approval. Countrywide has all the info but won't give any feedback on approval or no. How long does this typically take? (it's been 5 weeks) Can the buyer walk or are they obligated to wait per the contract offer? The bank has told me not to make a payment until they figure it out, but then turned around and said to make April payment. This made me late on payment, are they playing games to ruin my standing. Do I just keep mailing in payments until they say yes/no? How long after it's approved will it take to close? Buyer had a rate locked in until the end of this week. If this doesn't happen can I persue a deed-in-lieu? Will this mess up my husband's credit since he isn't on the loan? Loan is in Utah, and short is about 6k plus agent & closing fees. Optional Link URL : Link Title :