As Cindy Davis pointed out, the short sale lender sets the price and the terms.
Short sale lenders work on their own time schedule. Some are better than others, but in almost all cases the short sale lender will not give you a time and a date when you can expect approval.
However once the short sale lender gives you approval they will give you a time schedule that they expect you to meet with no exceptions.
That is one of the reasons that you should expect a substantial discount from the fair market value for the purchase of a short sale.
if you are going to be forced to put up with the uncertainty and delays in getting the approval from the short sale lender and then comply with time deadlines that are set by the short sale lender and the fact that those time deadlines set by the short sale lender are often unrealistic and unreasonable.
At the very least you deserve a substantial discount from the fair market value of the property to compensate you for putting up with the behavior of the short sale lender.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
Short sales are anything but. And depending on all the nuances of this transaction, will determine how it turns out.
All the best to you.
Top 2 agent nationwide at Keller Williams Realty
Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
You wrote: â€œAt the very least you deserve a substantial discount from the fair market value of the property to compensate you for putting up with the behavior of the short sale lender.â€
While I agree with the theory, your statement does not bear out in this current market. Inventory is so limited that short sales are selling strongly, quickly, with multiple offers and for full asking price and above.
If a buyer embraces your theory and makes offers that reflect an expected discount due to time lag in obtaining approval from the short sale lender, that buyer will be writing losing offers in the current market.
You should have been "told" anything; you should have a piece of paper in your hand!
We are used to seeing an ADDENDUM from the Bank which will give confirmation of the ACCEPTANCE.
You should know who the TITLE COMPANY is; and you and your Realtor should be communicating with them. The TITLE/ESCROW company works for the Buyer and the Seller, equally. The Title Company will give you the Closing date; do not rely on any communication from the Seller/Bank!!!
I would bet that you are not in an Escrow, that you do not have a Contract: I would put money on it!