How long does it take to close on a property?

LikeAnOcean
LikeAnOcean Posts: 7,718
edited September 2012 in All Encompassing Trip
I'm purchasing a short sale that was approved by the bank over a month ago, August 9th. I need to be out of my place now by October.

According to my realtor, my bank is waiting for paperwork from the other bank.


I'm going to be homeless in a few weeks if they don't fax that shit! :evil:
Post edited by Unknown User on

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  • Who Princess
    Who Princess out here in the fields Posts: 7,305
    :lol:
    Sorry, but if there's any rhyme or reason to that process I don't know what it is! Seems like everybody goes through this, where you hear one thing and something else happens. Eventually they tell you to show up at the closing with a check in your hand.
    "The stars are all connected to the brain."
  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    Who Princess wrote:
    :lol:
    Sorry, but if there's any rhyme or reason to that process I don't know what it is! Seems like everybody goes through this, where you hear one thing and something else happens. Eventually they tell you to show up at the closing with a check in your hand.
    That's what I've been told. As soon as I find out, it will be quick, but holy fuck! :fp:
  • Who Princess
    Who Princess out here in the fields Posts: 7,305
    I have no idea what those people must do all day and why it has to take so long. If you bug them, you just get something vague like "Maybe Thursday or Friday. . . ." Those days will then pass without a word and you've already taken time off to move. :roll:
    "The stars are all connected to the brain."
  • 81
    81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
    Pressure your agent to get shit moving.

    I did a normal purchase and i just agreed on a date with the seller
    81 is now off the air

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  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    81 wrote:
    Pressure your agent to get shit moving.

    I did a normal purchase and i just agreed on a date with the seller
    If I don't hear anything by the end of this week, I'm going to start raising shit. When I talked to her last Friday she seemed pretty confident any day now and at the most two weeks.
  • amethgr8
    amethgr8 Posts: 766
    Who Princess wrote:
    :lol:
    Sorry, but if there's any rhyme or reason to that process I don't know what it is! Seems like everybody goes through this, where you hear one thing and something else happens. Eventually they tell you to show up at the closing with a check in your hand.

    I'm a realtor and this is true.
    LikeAnOcean wrote:
    I'm purchasing a short sale that was approved by the bank over a month ago, August 9th. I need to be out of my place now by October.

    According to my realtor, my bank is waiting for paperwork from the other bank.

    your bank (the bank giving you financing to buy the house right?) is waiting on paperwork from what "other bank"??

    your bank should have a signed purchase agreement from the the seller of the house, subject to the seller's mortgage holder accepting less than what is owed (short sale). If you have an official approval then you should be able to start to schedule a closing.

    mortgage holders on short sales, at the end of all the red tape, typically issue a formal letter to the seller and others involved that they will accept $XXXXX amount with a closing date not later than XX-XX-2012 and net proceeds to be no less than $XX,XXX.

    that's my question, has anyone have a copy of that official "yes, we will accept this short sale" from the sellers mortgage company?
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  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    amethgr8 wrote:
    Who Princess wrote:
    :lol:
    Sorry, but if there's any rhyme or reason to that process I don't know what it is! Seems like everybody goes through this, where you hear one thing and something else happens. Eventually they tell you to show up at the closing with a check in your hand.

    I'm a realtor and this is true.
    LikeAnOcean wrote:
    I'm purchasing a short sale that was approved by the bank over a month ago, August 9th. I need to be out of my place now by October.

    According to my realtor, my bank is waiting for paperwork from the other bank.

    your bank (the bank giving you financing to buy the house right?) is waiting on paperwork from what "other bank"??

    your bank should have a signed purchase agreement from the the seller of the house, subject to the seller's mortgage holder accepting less than what is owed (short sale). If you have an official approval then you should be able to start to schedule a closing.

    mortgage holders on short sales, at the end of all the red tape, typically issue a formal letter to the seller and others involved that they will accept $XXXXX amount with a closing date not later than XX-XX-2012 and net proceeds to be no less than $XX,XXX.

    that's my question, has anyone have a copy of that official "yes, we will accept this short sale" from the sellers mortgage company?
    Actually, looks like the bank is waiting for some paperwork from the association.. Yes, they have an approval statement from the bank. The lender must have the funds no later than November 1st.

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