NEW TO LIF - Short Sales Question

Hi Ladies.

Me and My Husband put in a bid on a short sale the last weekend of January. The sellers mortaged the house in Dec/05 for only 55K more then what we are paying. It is not a great deal like most short sales but none the less it is a good starter home for me and DH and at a desent price.
I got a call from my lawyer last week saying that they are starting step 3 of the 3 step process. Our close date is suppose to be 03/27/09.
My question is
What are the chances that we will make that close date?

how long does it take for the final step?

thank you

Re: NEW TO LIF - Short Sales Question

what is step 3? your attorney should have outlined all the steps and the process. is all the required paperwork signed and submitted?

Re: NEW TO LIF - Short Sales Question

Did you get your mortgage commitment letter? We're probably closing the end of March as well, but it took longest for us to get the commitment letter from the bank. We got it last week, and now it will probably take the town a couple weeks for the title search.

Re: NEW TO LIF - Short Sales Question

We bought a short sale a year ago in Suffolk County and never heard steps referred by number so not sure what "step 3" is. There were about 90 steps and not all happened in sequence.

Check your contract... it may say to close on or about that date so it's not firm and yes, there's a chance you will not make that date and have to ammend but anything can happen.

Here's a post that may have some helpful Short Sale info...

Re: NEW TO LIF - Short Sales Question

I would definitely check out hte link above, she was so helpful when I had questions about short sales a few weeks ago. We're also looking into a short sale and there have been about 90 steps so I also am not sure what 3 steps you're talking about. What have you done so far?

Re: NEW TO LIF - Short Sales Question

I believe the 3 steps is on the sellers bank part.
1 - approve the seller (that they indeed can not afford the house anymore and must sell and are not responsible for the balance)
2 - approve house (what is house worth)
3 - approve offer


We are buying on Staten island. Not sure if it would make a difference.

Also we weren't required to put down a deposit.

Re: NEW TO LIF - Short Sales Question

Every state is different as well as every county so you'd have to check with short sale pros in your area. If your broker or attorney are not, ask for a referral of who you can speak to, to get a better knowledge of it (if you really want to know the gory details).

Never really heard of steps 1,2,3... etc. It's just a short sale procedure in which a lot of "steps" happen, by all parties involved. Your steps 1, 2 & 3 have parts a through p to go with them.

You can google search for Staten Island or Richmond County short sales for more info....

Short Sale Article 1

Re: NEW TO LIF - Short Sales Question

I also have never heard of these steps 1, 2 and 3. We're in the final stages of a short sale and there were tons of steps and things that went on so i'm not sure I can be of much help. Good luck to you!!