Short Sale Approval, You Say What Approval?

By
Real Estate Agent with Edina Realty

It's one local lender, you say what's the wait right or why the wait?  Well, an offer (a good one too) was sumitted over 3 months ago and the bank is still sitting on it.  I check in with the bank weekly, and week after week, it's the same story.  The bank has extended the sheriffs sale twice already and they will need to do it again in a couple of weeks. 

I have worked with other lenders before and got approvals within 2 months.  Honestly, I do not understand why the bank is not willing to accept and approve the offer sooner than later.  They have everything to gain and nothing to lose by doing so.  Any suggestions from Rainmakers? Thanks. 

Comments (1)

Nouk Haschka
Edina Realty - Bloomington, MN

Finally, after several months of waiting, we had a successful closing.  Wait!  Did I say a successful closing?  The closing went really well!  The bank processor was notified that the closing took place. 

After closing, the funds were sent to the bank.  A month after closing, the new buyers received a letter from the foreclosure attorneys indicating that the sheriff's sale will take place in a month.  Well, apparently, the bank sat on the pay-off check and the processor was not doing her job thus the loan wasn't paid off.  It took the bank another 2-3 weeks to locate the pay-off check and paid off the old loan.

The pay-off process at this bank / lender is terrible, mainly because the processors are not doing their job.

Jan 26, 2011 01:40 AM

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