Home Buying in Ansonia>Question Details

janelynnbenn…, Home Buyer in Ansonia, CT

How long can a short sale take? Can you make an offer to the bank with a one month contingency to accept?

Asked by janelynnbennett, Ansonia, CT Wed Jun 27, 2012

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6
You can ask and hope for whatever you want, but the bank wont care about your contingency nor will it convince them to work any faster.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu Jun 28, 2012
You should speak with some local real estate professionals regarding short sales in your area. Jim indicates in Louisville, KY they don't finance a ton of them. I am also originally from KY and from speaking to my family there they aren't as common there as they are here in Cape Coral, FL.

Short sales are a very large percentage of our current market and we also have a very large number of cash buyers purchasing them here.

Real is estate is "local" so local professionals can give you the best advice regarding short sales in your area.
0 votes Thank Flag Link Wed Jun 27, 2012
A better question might be how many proposed short sales actually close? My company is the largest mortgage shop in our state by a huge margin and we do not finance a ton of them.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jun 27, 2012
You can make an offer with a one month contingency to accept but that won't speed up the bank so you would most likely be wasting your time. I have had short sales approved in as little as 2 weeks but that is the exception to a typical short sale. If you don't have patience as Ron mentioned you should stay away from short sales.
0 votes Thank Flag Link Wed Jun 27, 2012
I am working on a short sale now in Hamden, representing the buyers. We were told that the process would take approximately 90 days, but may take longer. The key is to have a good attorney representing you, to make sure all paperwork is in to the bank in a timely manner and that all paperwork from the bank is closely reviewed for added fees and conditions. I would not recommend putting in the one month contingency to accept. The bank may respond to your offer much more quickly. The closing date is the real uncertainty with short sales. Good luck!
0 votes Thank Flag Link Wed Jun 27, 2012
Let me give you the "magic" word for dealing with a Shortsale;
the word is "patience".

You cannot bully the Bank.
You cannot push the Bank
You cannot cajole the Bank.
And you certainly cannot press time limitations on the Bank.

You make your best offer and you sit and wait; if you can't do that, don't make the offer.
0 votes Thank Flag Link Wed Jun 27, 2012
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