Century 21 Princeton Properties
In exchange for purchasing a home at possibly much lower than market value, the wait for bank approval can be substantial! There is no answer as to how much longer the bank will take before making a final decision - they take into account many factors, not only the proposed price and your financing capabilities, but also the hardship of the sellers, the amount that the bank will be left with after all the past due taxes and commissions and other fees are paid from the sales proceeds, the possibilty that the sellers might be able in reality to afford the mortgage and are just stepping away from it because the home is not worth what is owed on it, the market value (appraisal) of the property, etc.
Does your contract have an "outside" date by which you are no longer obligated to make this purchase? If so, you can back out of the contract after that date - but you will have to look for another house to purchase.
So - if you want THAT house, patience is the key!
If you would like additional information about short sales, bank owned purchases or any other real estate information, please contact me!
Arlynn B. Palmer,
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Office: (516)621-6300 x 205