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Updated over 8 years ago,

User Stats

59
Posts
27
Votes
Rick Hernandez
  • Lender
  • Marion, IA
27
Votes |
59
Posts

FHA Short Sale Offer and Approval...how much longer can this take

Rick Hernandez
  • Lender
  • Marion, IA
Posted

Hello all, on Jan 25th I made on offer on a short sale. Location is good and home was much larger than similar homes in the price range. Sellers finally got FHA approval for the short sale on April 25th (90 days exactly). I upped my price slightly to meet their minimum net proceeds requirement. I did that on or about May 5th.

 A few weeks later the listing agent reveals that a junior lien had not been released so there was an additional delay.  On June 17th he tells me that they found the release and he was sending it through the "portal" and he would follow up in a week.  A few days ago I hear back from him that the short sale offer was approved but they had a June 30th closing date on it which was just the very next day so he had to reach out to them again to get that changed so we could extend the closing out at least 5 weeks or so to everything done on time.

I have typically stayed away from short sales as I have little patience for them but since this is my first offer on one I am looking for some insight from others with experience with FHA short sales. Is this time frame typical?

Thanks in advance.

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