Friday, July 27, 2012

Tentative short sale approval in West Hollywood -- yippee!

My West Hollywood buyer client and I learned that his short sale has been tentatively approved yesterday for a September closing.  Whee!  For those of you who aren't yet familiar with short sale timetables, here goes:

- My buyer wanted to submit the offer in February when he heard the home might be coming up as a short sale.  However, the seller didn't get his paperwork into the listing agent in a timely manner, so the property didn't list until late April.  The seller is ill and living out of the area, so he has a true hardship.
- Buyer conducted an inspection right after the property listed, so he would be able to write an offer without an inspection contingency.  Side note: the buyer lives close to Marix in Weho (pictured above) and we were all excited about going there for margaritas after the inspection.  But it was Tuesday Taco night and we couldn't get in.  Bummer.
- Buyer submitted his offer in early May and it was accepted by the seller soon after.  It was then uploaded to our favorite bank, BofA, aka the evil empire.
- No word for a long time.  Then, the bank-ordered appraisal was done in June.  Apparently, it was done by a Realtor "assistant" who took pictures for ten minutes and that was all.  No Realtor or appraiser ever actually entered the property.
- Here it is at the end of July and we've just heard that the sale has been tentatively approved. 
- We're supposed to close in September.  So, that's seven months since the seller determined to short sale the property, and four+ months from acceptance to close.  That is, if there are no further hiccups along the way.

No comments:

Post a Comment