Home Buying in 34219>Question Details

Boludo24, Home Buyer in Charlotte County, FL

IM TRYING TO BY SHORT SALE IN PORT CHARLOTTE FL, BANK HAS NEGOTIATER, APPRAISEL WAS DONE LAST WEEK. WHEN SHOULD I EXPECT OFFER ACCEPTANCE OR COUNTER ?

Asked by Boludo24, Charlotte County, FL Mon Apr 4, 2011

also wanted to know how much longer whole process usually is from this point of bank negotiater getting the appraisel. seems like process has moved pretty smooth so far as we made offer 45 days ago.

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There are many variables with Short Sales. If it is owner-occupied and the seller is going under a HAFA short sale, it moves along fairly quickly because the "servicer" is required to meet certain deadlines to get their cash incentive.

If this is a rental property the seller may just decide to keep it if he realizes he may have a substantial IRS Tax bill if he's forgiven the loss!

So, keep looking for the right home up to the day you receive the short sale approval in your hands listing you as the buyer. So many things can go wrong so you do not want to miss out on other true bargains (bank owned) while you're waiting until/if this ever gets approved.

All the best,
Alma
0 votes Thank Flag Link Mon Apr 4, 2011
Honestly, in this market here in Tucson, AZ Short Sales are taking up to 6 months and even then sometimes the bank comes back with "no". No counter, nothing but "no". I explain this to all my buyers and may choose to look at all the rest of the inventory and if they can't find the right one, then we go back and look at Short Sales after we exhaust all other opportunities. One way to look at Short Sales, is that they are listed at a price no one knows if it will or could actually be sold at. Something for you to keep in mind, are you working with a local agent or Realtor?

Spirit
0 votes Thank Flag Link Mon Apr 4, 2011
Each bank has their own timeline. It could take up to 8 months, depending on the banks, how many loans, the value, any liens, etc. Your agent is truly your best resource. The listing agent should be communicating the process but no one really knows how long the bank will take.

If it has been going smoothly so far, hang in there and keep in touch with your agent.

All the best to you.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Mon Apr 4, 2011
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