How long does it usually take to get a response for a bid you made on a short sale home? Also, can you get seller to pay closing costs for a short sale home?
2007-11-19 09:56:17 · 4 answers · asked by Pookie 1 in Business & Finance ➔ Renting & Real Estate
you can ask for anything you want. However, on a short sale, the mortgage company is paying the costs, not the owner, so you'd best expect minimal terms and zero added support.
as to how long -- likely the mortgage service company [the ones you send payments to] has to talk to the actual loan owner about taking the loss. They probably do not have the authority to simply make a deal. That means you are delayed for as long as it takes the actual loan owner to respond.
If I were representing the loan owner, I think I'd respond with a counter-offer. My counter would be that we dicker on the terms and (if we agree) then we modify the loan to fit the new terms and you assume it. That keeps my company owning a now performing loan with minimal expenses to get into the deal.
you did write a time deadline into your offer, didn't you?
2007-11-19 10:01:45 · answer #1 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Seller can pay NOTHING.. or receive any funds from the sale at closing. This is a fact no matter what other people here say. And for how long it takes, a Lender will wait right up until the foreclosure sale date hoping for a better offer so it could take 3-6 months depending on the state the house is located in and how far along the foreclosure process has proceeded. As soon as a lender agrees with a seller to allow a short sale they start foreclosure if they haven't already from late payments. If the seller is current on the mortgage, it will go on the bottom of the pile. Also the lender will need a signed purchase and sale agreement with a copy of the deposit check the realator has to even consider an offer.
2007-11-20 09:13:37 · answer #2 · answered by gregory_usa83 4 · 0⤊ 0⤋
In our area, DC/Baltimore suburbs a short sale is taking from 45-60 days depending on the situation. You usually have an answer about your offer within a couple of weeks.
The reason the seller is granted permission to do a short sale is because they don't have any money and can't afford to pay their mortgage so don't count on any seller subsidy.
There are plenty of great prices out there that aren't short sales and your agent can negotiate with the sellers.
2007-11-19 18:56:04 · answer #3 · answered by Sharon 3 · 0⤊ 1⤋
Banks will not normally do not allow for closing cost credits. It can take as little as a day, and I have seen some of my clients wait 6 weeks for an answer. It all depends on the bank and how much they have in front of this deal.
2007-11-19 18:05:53 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋