Buying a Reverse Mortgage Short Sale- So Many Questions!
My wife and I had our realtor make an offer on a property for the listing price, and one day later, he told us that the house is a reverse mortgage short sale. Is it true that the process may be much faster than a regular short sale? We also were told that it will take about 8 weeks for bank approval if accepted. Is this true, and is it the norm? What should we expect during this process? by DanielKahdohn902 from Croton On Hudson, New York. Jan 30th 2017
Good evening,At SENIOR SOLUTIONS NETWORK we specialize in making sure each borrower gets the best reverse product based on their needs. With your preliminary documentation and a fully executed contract (signed by both parties), I can get a loan approval/commitment in 3-5 business days. Please contact me at 516-233-5776 for full details.Michael Cymbala
Larry Gray (lgray_312_247)
#596 ranked lender in California - 1,139 contributions
It generally varies from bank to bank how fast they grant approval so your loan on the property can progress and close of escrow can occur. The listing agent involved in the short sale should be keeping your realtor apprised with good information on what to expect regarding the timeline. Once the bank has approved it should go fairly quickly.If waiting 8 weeks on the bank approval figure to be ready to close within 30 days after that. Your lender will give you a better idea on how quickly they can close escrow once the bank has approved. At times I have had my borrowers loan ready to be cleared to close for drawing final documents just after bank approval. Why wait if you know it is going to happen and have some idea of when approval will be received from the seller's bank?
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