As your real estate professional advised, a buyer in the short sale process is in the most frustrating position of all the players (and there are many) in this affair. Everyone experienced in short sales will be able to refer to rules and standards and before taking their next breath affirm there are no rules! Short sales are the wild, wild west of real estate.
Be patient. There will be a response...eventually. If this is a home you want to live in, your patience will pay off. If you are investing, then continue with your plan B options in the event this home doesn't achieve your goals. It is a very complex process with too many players, too many requirements and 'last minute' emergencies. It a real miracle every time a short sale closes!
Best of success in acquiring your new home.
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
So based on what Realtor Bill said below, you absolutely need to keep shopping for your new home until the day you get a copy of the short sale approval letter in your hands at the price you're willing to pay. Otherwise you may miss out on true bargains... bank owned listings.
All the best,
The seller and their lender are motivated and seller has provided all requested paperwork to the seller. It now will rest on the VA's approval at this point.
Our realtor believed that we could actually get a decision back in as little as a month. Is that totally unrealistic? Maybe because it is the slow buying time of year, they have less of a workload to get through?
We are using an FHA loan, and the contract offer was written up that we would close 45 days after an accepted offer.
I guess if it does take a couple of months longer, that may make our offer a little higher than it seems now if the market continues to drop a little more.
another question: does anyone know of any homeowner's insurance companies still writing new policies in Pinellas County? Despite not being in a flood zone, I can't seem to find any company other than Citizens. :(
Most of the loans that we process for purchase are short sales so I do have plenty of contacts and lender time frames. i can look up taxes due and see if there are any liens from the HOA that would need to be cleared.
If you like, email or call me and get me the address and I would be glad to get you as much information as I can provide.