Shortsales a bit more complicated than a traditional transaction, it can take a few weeks to a few months, depends on investor requirements, PMI (Primary Mortage Insurance) this is when a buyer puts less than 20% down they also need to approve the Shortsale. The seller and the buyer have to accept the offer, then the Realtor gets the updated information needed from seller that the lender requires, or if they have a 2nd mortgage, submits them to one or to both lenders. The file is assigned to a negotiator, they will order an appraisal on the home, then they have to have to submit the appraisal to the investor ( fannie mae, FHA, or any of the over 500+ investors) for review, The investor may counter or accept the offer. If accepted, then the shortsale approval is issued. It is imperative that you hire an "Experienced" Realtor ( has completed a minumum of 50 shortsales) Is a CDPE (Certified Distressed Property Expert). I recommend asking for references 2 current clients, and 2 previous clients. I hope I have helped you. Good luck!
Cindy Keil CDPE
If the sellers accepted you are under contract BUT - it will be subject to their banks approval. We have done a lot of these this year. It's hard on you the buyer to wait so long - and it is even harder on the seller, not knowing and scrambling for paperwork needed.
The longest one I had was nearly 4 months. The shortest one - we just closed a couple weeks ago and it was 72 days.
Your agent here in Wayne County should be able to help...have them get weekly updates from the other agent and/or title company and lender. be prepared to "sit and wait" - it's just not an easy process for any of us but there are some great houses at great prices if you can just hang in there.
Let me know if I can help.
Four months ago I bid $65k for a shortsale listed at $69k. I didn't hear from them until last week that it was coming back to MLS as REO and listing at $59K with (already) multiple offers. Gezz ... go figure ... so I dropped my bid down to 60K (Comp around 68-70) ... don't think I am going to get it, but if I do, it would be the strangest deal I have ever encountered. This is AZ market, not sure the same for OH.