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Does lenders make fast decision on OFFERS on a foreclosure property compared to short sale ?

Does lenders make fast decision on OFFERS on a foreclosure property compared to short sale ? How long do they take ?

Public Comments

1. no if you had a buyer's agent [not a dual agent or no agent] you could get data faster. a BA is your LEGAL, free representative
2. There are a lot of factors that go in to the time frame. The type of bank can factor in to it. The price has to be approved by someone in the bank. Larger banks typically have a larger hierarchy to go through to get an approval for something like this. Smaller banks usually don't. Also, the philosophy of the bank may factor in. Some banks will just sell it as soon as they can to get it off their books. Others would rather wait it out to see if they can get a higher offer and minimize their losses.
3. If you are looking at an approved short sale, you only have to deal with the seller, and the decision usually comes quickly. If the seller has not gotten approval or if you are buying a property where the bank is the seller, the decision usually takes a bit longer.
4. A lender could care less the type property you purchase. Your loan is approved based on your credit. The only time a lender cares about a property is when an appraisal of the property has been done. The status of a property has nothing to do with the time in which a lender approves a mortgage loan. The lender/bank that own a property that the current owner failed to make the monthly mortgage and is now in foreclosure, but is attempting to get the lender to agree to a short sale. This lender might have a long approval time. A foreclosed property has been taken as collateral for a failed loan, therefore is already in the lender/bank inventory and require no approval time just acceptance of the offer. This acceptance time is normally less than that of a short sale. I hope this has been of some use to you, good luck. "FIGHT ON"
5. Yes, on bank owned, the banks usually take from 3-5 business days from the time they start accepting offers. Short sales average 2.5-3 months