Re: Short Sale Under Contract

Posted by Steele in Minnesota on April 30, 2005 at 11:03:36:

In Reply to: 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.

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Had the lender said that they would consider a deed in lieu? Many don't, you know.

As to the buyer walking...whenever there is a counteroffer (we'll accept if the lender says OK) the buyer can usually walk at any time. Explain to them that this is a lengthy process and try and keep them in the loop.

Patience is always a part of a foreclosure related sale.

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: : 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.

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: Had the lender said that they would consider a deed in lieu?  Many don't, you know.

: As to the buyer walking...whenever there is a counteroffer (we'll accept if the lender says OK) the buyer can usually walk at any time.  Explain to them that this is a lengthy process and try and keep them in the loop.  

: Patience is always a part of a foreclosure related sale.


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