I am a first time home buyer and we but a bid in on a house and the sellers excepted it but since it is a

Cowgirl
Home Buyer
Norco, CA

short sale the bank has to say yes also, last I heard it was with a negotiator how long can this take? I have a loan locked. I am just getting very discouraged, my realator says she calls the other realator twice and day and gets NO response. Is there anything I can do to hurry this up?

Answers (4)
Diana Margala
Agent
Upland, CA

Hi Cowgirl:
As everyone has told you short sales are very trying. Unfortunately it might not have been explained or possibly you didn't understand that you do not have an accepted offer until the bank agrees. The price could remain the same or the bank may require more in order to go through with the purchase. Until you receive the acceptance letter from the bank, you really don't have an accepted offer. Once you get the accepted offer from the bank is when you lock your loan, because that is when you have a transaction. Banks are over whelmed with REO's and Short Sales. REO's are transactions that have a better likely hood of completion than short sales. They can also be very tricky because of the AS IS situation and the shorten times for inspections but they can be well worth the trouble. Good Luck.

Diana Margala 909-945-5763

Web Reference: http://www.dianam.com
Fri Oct 3 2008, 07:58
Vicki Pedersen
Agent
Riverside, CA

Short sales try everyone's patience and sometimes (statistics say most of the time) they don't go through successfully. While you are waiting for the bank in this short sale, I would recommend that you continue to look and if you find something you like and especially if it is a house you can get in quicker, I would put an offer in for it. Then if you do get an offer accepted, you can withdraw your offer on the short sale. Good luck.

Thu Oct 2 2008, 17:11
Lynn911.com Dal...
Agent
Dallas, TX

Has nothing to do with either agent banks move slow are overwhelmed. I recommend keep searching. If you deal with bank you have drama however great deals are out there.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

Web Reference: http://www.lynn911.com
Thu Oct 2 2008, 13:08
Rayea Pieschel
Agent
31520
FIRST ANSWER

The banks are on overload for foreclosures and short sales. If it is a home you love and are getting a deal, as hard as it may be, have patience. It will pay off for you.

Thu Oct 2 2008, 12:56

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