Welcome to the fickled world of short sales. this is exactly the reason many agents are steering clear of these nightmarea and recommending customers to consider traditional sales or foreclosures.
There are many agents who want more for their customers and try to protect them from this type of experience that will no doubt leave a bitter taste regarding this process.
Our recommendation....move on, find another opportunity, and end this frustration.
An agent shouldn't tell you that it should take 72 hours as it's just not realistic with how large the banks' case loads are per negotiator. The agent should've prepped you and informed you about short sales prior to making an offer. It also states in the contract you signed with your offer that the time frame is based on lenders discretion in so many words.
We as agents would love it if the time frames were more cut and dry as would the sellers (home owners) and you as the buyer. It's a frustrating process but in the end it's most likely that you are getting a great deal and ultimately helping the sellers (home owners) as well by preventing them from a very public foreclosure. If you have the patience and love the home it's well worth it in the end. :)
If you have further questions or concerns don't hesitate to reach out further!
Wish you the best and patience!! :)
Apple Valley Realtors
The bank often is taking a loss in these situations so unless you can scare them into thinking they might loose a lot more money in the near future by holding the property any longer (approaching winter and vacant homes dont mix well), they dont have much incentive to move with the same level of enthusiasm an investor about to make a good profit would have.
I have also dealt with realtors that are representing such homes and they maybe looking at two things. Maybe 20% of the offers they submit on such properties actually reach a closing table. This results in realtors investing A LOT of time into deals that do not go through. Then the percentage splits are usually not the greatest as compared to conventional sales. Finally many banks require that listing agents have to carry certain cost associtaed with the property. This can range from utilities in thier name to repairing drywall damage, yard maintenence and changing locks. Even the most dedicated agent/broker person will get worn by these odds.
Having said that you do need to set time constraints.....on yourself. The bank is losing money and I doubt they will ever make rules to force a bank to move faster for the convienence of buyers. Make a decision how long you are willing to wait for a response and then stick to it. I have currently submitted offers on two four units in Wisconsin each worth 100k more than my offers. That is a great.......if they close. I am giving them two months then moving on.
Yvonne Baker, Real Estate Consultant
Are you working with a buyer's broker and/or an attorney who can review the documents / offer and give you expertise, while also helping with the communications directly with the bank? The accepted offer is a key piece - there probably is more to this than meets the eye. I'd check with an attorney at this juncture; you might need a designated hitter.