Home Buying in Norridge>Question Details

Victorialuts…, Home Buyer in Chicago, IL

How long does it take a bank to respond to a seller approved short sale offer? We put an offer in 3 weeks ago and it was accepted by the owners...

Asked by Victorialutsky, Chicago, IL Mon Nov 19, 2012

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You have probably been told that Shortsales can take a long time and you will have to be patient:
You weren't listening.
Either that, or you weren't believing:
You are going to drive yourself and everyone around you crazy; Just forget that you put in an offer. Forget it! It didn't happen! Go on with your life!
Doing Shortsales is like mating Elephants; A lot of high-level decisions, a lot of Screaming and roaring, and it takes a year to see results.
Now, go away; I don't want to hear another peep.
1 vote Thank Flag Link Mon Nov 19, 2012
Victoria,

I'll echo the responses below. The problem with short sales is that there is no way of really knowing when, or if, the lender will respond. There are a variety of factors that can influence this. The list agent might not be versed at communicating with the lender, the sellers short sale package may be incomplete/missing paperwork, and on and on and on....

At some point, you'll need to decide whether the property is worth the hassle, and wait.

Terry Farnsworth
Licensed Broker
Prospect Equities Premier
http://www.SelectiveBuyer.com
0 votes Thank Flag Link Mon Nov 19, 2012
Victoria - short sales are anything but "short". It may take the asset manager at the bank anywhere from a few weeks, to months and months, to respond.

I've had them respond as quickly as 3 weeks (yes, that's very fast), and had them take 6 months only to respond with a resounding "No!" at that late date.
0 votes Thank Flag Link Mon Nov 19, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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