Every lender is different. Some can take a couple weeks to respond and some can take well over a month or more. I'm assuming when you wrote this you made the offer to the seller and the seller of the property has already accepted and your short sale package was then submitted to the lender? If you're asking if the seller of the property accepted I would hope you would know that by now. After the seller accepts, the offer is put together and sent to the lender.
If your agent is on top of things, they should know if the package was submitted. I've seen homeowners (sellers) hold up the process because they weren't prepared with all their paperwork. The listing agent and your agent should be working together to let you know if the package was sent already. If the homeowner hasn't pulled together their paperwork, be prepared for a bit of a wait.
The lender will have the final say on whether the price is acceptable. That can depend on many factors. The biggest factor is whether or not a BPO has been done on the property. BPO is the broker price opinion. That is the broker that values the property for the lender and if the broker price and listing price are vastly different, it could cause problems. If it's a HAFA short sale, the LENDER sets the price for the property and if you offered listing price, your offer should be accepted with ease. If it's a traditional short sale, the BPO is typically performed by someone in the local area. HOPEFULLY that's the case. I've seen cases where the lender hires someone outside the local area and there can be a pricing discrepancy between the listing price and broker price.
Scott makes a good point about the loan. If your loan is FHA it could be problematic. Usually the appraisal process for FHA loans is much stricter and if the home is being sold as is, that's a problem. Many times the bank will require fixes to the property to get the loan approved and if it's being sold AS IS then there is where the problem could lie. Although that really doesn't affect if your short sale will get approved which was what your question was. The short sale COULD get approved but you may have the loan restrictions. Most lenders will allow you to close beyond the 30 days, but there could be a penalty for that. You may have to pay a per diem rate daily. It's tough to gauge.
I think a 203K loan is GREAT if a property needs work. It still falls under FHA guidelines but if there are things wrong with the property, it shouldn't hold things up.
Keep us all posted. Hopefully you will hear soon.... more
When looking to rent to own, a seller will want you to meet with a mortgage broker to get prequailified, they will want to know that you will be able to qualify for a mortgage to buy the house once the lease is up. Most sellers will not want to lease more than a year, so you credit has to be within their guidelines. Your first step is to meet with a local and trusted mortgage broker. this will tell you what you will need to do to be able to get a mortgage in the future, what price range you should look and what you will need for down payment and closing costs.
that is where you should start... please see my blog for more details... more
You might be able to borrow around $60,000. Maybe a bit more or less depending on interest rates. You have to meet certain requirements including fico score and debt to income ratios. Those could change that amount drastically.
You need to figure out closing costs. They add more money to the need to have column.
It might be a good idea to hold back about $10k in savings when you buy. That way if anything happens you can probably afford to buy those needed repairs.
Below is a basic overview of the house buying process.
Looking at this economically does renting or buying cost least? Use your numbers to find out.
Why renting at a higher monthly payment could really be the best choice. A very different perspective below.
This could be important when buying. Things to find out about any property before buying. It can save you from many problems.