Your agent or you do not need to employ the services of a "negotiator". These people have just recently popped up in the current market and call themselves specialists in Forclosures and Short Sales. I would avoid that particular negotiator. Your agent, with some experience should be able ot handle the short sale for you. Otherwise find an agent that has experience in short sales..
The whole deal depends on the bank, the person that processes the application and review process. I am 5 months into an offer o a shortsale that was just assigned a negotiator.. but then again.. I did another that took 4 weeks offer to close.
Take a shot.. If you have a goofy offer.. like 100k under the already reduced list price, then get ready to watch flowers grow. If you are realistic and see a good value and make a reasonable offer.. then maybe it will go faster.
Oh BTW, the bank could care less about your time restriction.
Depending on where in the process with the bank and the seller you are entering the process will impact the timing. Consider this - I have a short sale in process, my buyer is paying all cash, and it is an offer everyone wants to work - even with a unified front, and great resources all around, we are still slugging our way through.
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We have handled many short sale and REO transactions, and from our experience such a request could work against you or have no effect on your offer. It depends on the other details of your offer and the lending institution that owns the home. Some institutions respond quickly, others take up to 90 days to respond. Their response time is not always due to limited staff. In some cases, no response indicates a rejection of your offer. Lenders do have a strong preference for cash offers. If you let us know, by email or by phone, the relevant details we should be able to give you a better gauge on your offer.
We also work in cooperation with lenders in preparing the homes for short sales and foreclosures. We evaluate the properties and prepare other materials required for short sale and foreclosure procedures. This have given us a crucial inside glimpse into the process and how matters are handled.
Artyom and Natasha
It can take approx. 60 days close on any property, HOWEVER on some foreclosures we have closed within 10 days cash offers.
Your buyers agent can assist you make those decisions for benefit and timing of your family move.
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What did you decide to do? Do you have two bank properties that you are going to make offers on? Are you working with an expereienced Realtor? Be sure that your Realtor takes the time to do their due diligence to help you make a smart descision. If your realtor is just winging it and not looking at the pertinant information related to the properties, you do not have a chance.
Call or email me with any questions or to help you make an offer on the propery that you are interested in!
While I have not read the responses of the previous posters, my view would be that a "time restriction" would mean little to a bank considering (1) the plethora of buyers looking for "deals" and the number of offers on a property and (2) that banks today are so short staffed that a time restriction is meaningless.
I'm told that offers that get the most attention are those without any contingencies . . . . either home inspection or mortgage . . .. while I personally an unable to concur based on experience, this appears to be the mantra taught by those who are proficient in dealings with short sale or bank owned properties.
Be advised that I am not advocating a purchase of a home without a home inspection, but that you must be willing to shell out the cash (usually b/t $395 to $495) for the inspection prior to making an offer that could feasibly not be accepted.
Hope this helps!
Love and Peace,
Francesca, Realtor, ePro