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Accepted short sale after only 10 days! CLOSED DEC 2ND

By
Real Estate Agent with Century 21 Affiliated RB14041377

Okay, I have an accepted offer on a short sale listing after only 10 days! YES, less than 2 weeks!

The bank is Citimortgage and I am in a redemption state. Basically, the owners have a 6 month right of recemption period after the sherriff sale. I sent everything the bank asked for, along with a net sheet, and the phone rang today with the usual "out of area" on the caller ID. Citimortgage is faxing me an accepted approval on the offer, which is 45k less than what the owners owe.

Countrywide on the other hand, has taken 10 weeks to make a decision!! The buyers are holding out, waiting patiently, but I never realized that I had that much patience.

Stay persistant with your offers and call back a 2nd time and talk to another customer service rep at the bank if you have to! I have noticed that you will get multiple answers for the same question.

CLOSED ON DEC 2ND. It went very smoothly, and the lender received $12 more than they expected. All the taxes were paid in full, everthing cleared. It's very important to know what fees are going to pop up on the HUD1. That way, you don't fall short at the closing.

FOR YOU SHORT SALE SPECIALISTS OUT THERE, THIS WAS A CITIMORTGAGE LENDER.

ADVICE: GET AN E-MAIL ADDRESS OF THE NEGOTIATOR!

 

Show All Comments Sort:
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

That is AWESOME. 2 weeks. I am so jealous. Expect to wait at LEAST 3 months for Countrywide. I am at 5.5 months right now with a simple deal.

Nov 05, 2008 11:19 AM
Sean Keene
The Keene Group - Salem, OR
Realtor - Salem/Keizer

That is great!!! 2 weeks is a crazy amount of time. Around here we are looking at like 8 weeks.

Nov 05, 2008 11:24 AM
Jeannette Neerpat
CondoDomain.com - Coral Springs, FL
e-Pro Coral Springs/Parkland Real Estate

That's great 10 days!!! I have been waiting on one for almost 2 months now! Jeez I hope I get an answer real soon! Good for you!!!

Nov 05, 2008 11:29 AM
Don Fabrizio-Garcia
Fab Real Estate - Danbury, CT
Owner/Broker/Trainer - Fab Real Estate

Congrats!  I once had an approval in two days - it was total beginner's luck!  Typically I see 60 days, but the worst was six months - and the buyer waited the whole six months.

Good luck!

Nov 05, 2008 11:34 AM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Congratulations! I'm astounded. They just don't happen that fast around here. Perhaps it really helps that you're in a redemption state.

Nov 05, 2008 11:35 AM
Patty Carroll
Vancouver, WA

Wow, that is great news. Maybe we will be seeing more of this, let's hope!

Nov 05, 2008 11:44 AM
Lili Raney
Keller Williams~Frisco Stars - Frisco, TX

That is great. I have done several shorts sales. The first one with Countrywide took 6 moths to close... This was a year ago. Then I did another short sale with a local bank that took 3 weeks from the day that I submittedthe offer to closing!! Best advice that I can give, thought it very time consuming is to call everyday.. several times a day...

Nov 05, 2008 11:54 AM
Mike Russell
Revolution Real Estate Group | Real Broker, LLC - Overland Park, KS
Overland Park Kansas Real Estate

sometimes it happens fast and others like HSBC make you wait forever.

Nov 05, 2008 12:01 PM
Brian Belcher
RE/MAX Executive - Charlotte, NC
Charlotte Realtor

Hey congratulations.  Thanks for the post.  

Nov 05, 2008 12:27 PM
Jim Treanor
Treanor Real Estate - Southington, CT
CT RE Broker ABR CDPE CRS GRI

I actually walked into a short sale right after a previous deal on the same house had falled apart.  From when I wrote the contract to closing was less then 3 weeks.  Besides that one, it seems to take 2.5 + months to even get a response.  I had to wait 1 time for 5 months with a cash offer on a short sale.

Nov 05, 2008 12:33 PM