Patty Manzi's Tri-Valley Real Estate Blog

Not much happened between the time the bank was contacted and the day the offer is submitted.  Mostly just a period of collecting inforamtion for thefile and collecting financial information from the seller.

September consisted of calling the bank weekly to inquire about status of NOD and the loan balances. Was advised that the lender would need a new financial hardship letter from the seller and recent bank statements.  When offer is obtained on the home all documents need to be faxed and loan numbers need to be written at the top of each page.  If we receive multiple offers, we must negotiate the offers and only send one to the bank for approval.  Again I as advised that I need to call Home Retention with the offer and would be referred to short-sale department instantly.  Was also advised that review and approval process could take up to 4 MONTHS! 

Yikes…..