Do All Banks Work This Way?
Homeowners filed Bankruptcy last November and now Wachovia Bank is finally foreclosing with sale date of May 12th. Bank is not willing to put off sale date to do a short sale.
Do all banks work this way when a sale date is so close?
pretty much, yes. As the sale date gets close the Bank figures they may as well take their chances at the auction. A good lawyer may be able to pull a rabit out of his hat and delay the sale on a technicality which may make the bank more willing to negotiate. But since the BK stay has already been lifted I wouldn't count on it.
Commercialtalking,
So how far away from the sale date is ideal to try and do a successful short?
Thanks,
beazer4
I don't know the answer to your question, but I do know the bigger the bank the longer they seem to take to make a decision.
When I take a short sale listing, or accept a consulting gig to facilitate a mortgagee approved, preforeclosure short sale... I always stipulate that an approval or rejection will take from 60 to 90 days from mortgagee's receipt of a complete ss application and accompanying proposal.... or more.
Some (especially junior mortgagees) don't have the hierarchy to climb thru and can make 'desk decisions' while other mortgage loan servicers have a maze of paperwork, regulations, criteria, and internal policies that complicate matters.
I've heard of stories that claim that an approval was handed down in a few short days (approvals must be in writing, signed by an empowered official) while I've had a short that took 6 months to finally get approved....
[addsig]