It usually takes anywhere between 3 to 9 months for banks to process and accept a short sale. Further there is no guarantee the bank will accept the short sale offer after such time even if it is full list price offer.
In addition there maybe multiple banks involved in the short sale which could potentially delay and complicate the transaction. Therefore in general the buyers need to be very patient with a short sale transaction and would be best if they worked with an agent familiar and experienced with short sales.
If you are not an active participant in a transaction none of the details will be made available to you.
You can check to see if it closed only after it closes or if it still shows contingent (under contract). If the deal falls through it will be reactivated in the MLS, which at that time if you are working with a buyers agent they will advise you by way of your auto search.
Does this help? If not feel free to contact me directly.
The only difference in the beginning in short sale than a regular sale is that as a buyer you must wait while the sellers work thru the process with the bank and they have final say if offer will be accepted.
To start its the same process . Submit your offer and get the house under contract right away. The sooner the process starts , the faster you will have an answer. The sooner you are to owning it.
In most cases , short sale negotiations don't begin unless there is an offer on the property .
Sohail A. Salahuddin | Founder and Team Leader
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
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Also, the fact that you are a cash buyer is irrelevant. A good majority of people buying distressed properties are cash buyers and that is the attitude the banks have if you are not patient and play by their clock, they will just move on to the next offer. It is unfortunate but the above is the reality for many MAJOR banks, whether professionals want to disclose this reality or not. Though the shortsale process is improving there is still MUCH ROOM for improvement on the seller's lender's side.
Licensed Broker, Prospect Equities Premier
Direct: (630) 747-3426
So it's a waiting game to see if the offer goes to closing or it becomes available again to the public.