There are some great answers here. The most important thing that has already been mentioned is the fact that it can (and most likely will) take significant time for the bank to give an answer. The unfortunate part is that you could wait as long as 6 months and be told "NO" by the bank. Hopefully your agent advised you on your options on the "short sale deadline," meaning the amount of time you would give the bank to make a decision.
If you absolutely love the place and are OK with waiting several months to get an answer then you have nothing to lose.
If your contract is already ratified between yourself and the seller, then there is nothing else that I am aware of that you can do. It;s simply a waiting game. The bank has to assign someone to this particular case and then they will get to it at some point.
Best of Luck!
Short sales can be very trying and a long waiting game. The key to a successful short sale is the listing agent. I would find out the experience of the listing agent and the success he or she has had. The bank/investor that holds the loan on the short sale is looking for assurance that this is the best possible price for the property. They are not wanting to take a greater loss then necessary. So the secret is to provide them with the maximum amout of information to support your offer as possible.
I have seen short sales take 10 days to get approval. We had a short sale that was accepted within 10 days of the acceptance of the offer from the seller and closed within 20 days of entering into a contract.
I know that Wells Fargo just sent us a lender approved short sale price and a 3000.00 bonus to the selling agent with an acceptable offer. The banks are realizing that this is the wave of the future and are getting on board to make this process better. Bank of America has an amazing site for the agents to use. The last Bank of America offer was approved within 30 days.
If you are not in a hurry and it is the house you want it might be worth taking the chance. Good Luck!
I can only speak rom my experiences which have all been positive. It is definately not a process for the faint of heart and as a buyer you need to be patient and make sure you are working with an agent who has experience with short sales. Also, the listing agent DEFINATELY needs to know what they are doing to ensure as smooth a process for all. My team and I have a 95% close rate on our short sales.
Buyers can get some great deals via short sales. So if you aren't in a hurry to move as Lynn stated below, then a short sale can be a great thing for you. But also understand that the bank can and sometimes does still foreclose during the process. If you go in knowing what to expect I say go for it!
Best of luck!
We're willing the take the property as-is, are pre-approved for a mortgage, and provided them with a 2% good faith deposit. There have not been a lot of short sales in this area, so my agent, although very helpful, doesn't have too much experience in this arena.
Is there anything else I can do to sway the odds in my favor?
It depends on amount of time you have invest search for a property. Most of these properties are distressed due property owner did not have enough disposal income take care of it... IF you don't know contracting best purchase a home move in quality .
Less hassle , less time and etc.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors