Home Buying in 92069>Question Details

Rondog, Home Buyer in 92069

I made an offer on a short sale and the offer was accepted. How firm is the "not hearing from the?

Asked by Rondog, 92069 Wed Aug 12, 2009

bank I made an offer on a short sale and the offer was accepted. How firm is the "not hearing from the bank for 30 days"?

Its been 26 days so far so its getting close. Also, the lender is countrywide/BofA which I hear is one of the worst banks to deal with in terms of short sales

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Answers

13
It sounds like the seller has accepted your offer contingent on bank acceptance. I have seen this take months.
0 votes Thank Flag Link Fri May 10, 2013
Hi Ron,

If the bank has ordered the broker price opinion (BPO) that's a step in the right direction. It's a less formal appraisal done by a realtor to determine fair market value. Then once that's back in, the negotiator can start to review the file and either do a counter offer or accept your offer. Hang in there! Sounds like the house is worth the wait to you. Best of luck!
0 votes Thank Flag Link Thu Aug 13, 2009
The whole reason I am sticking with this short sale is because the bank owned and foreclosures seem impossible at this point. The competition is too great. I've made 7 offers on bank owned/foreclosures and every single one, Ive been bought out by an investor with a cash offer. My older sister is running into the same problem. This short sale so far is the only one Ive made any progress on whatsoever.

I do have time on my side luckily and if it takes a while to get this house then so be it. So far its the best one I've looked at. Thank you all for the input. It is very much appreciated!
0 votes Thank Flag Link Thu Aug 13, 2009
keep checking with them...My ss got dropped back to a loan modification and we had to start all over again on our 40 days....

Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483
0 votes Thank Flag Link Thu Aug 13, 2009
Rondog,
You've received some pretty good responses here and some not so good.
In a short sale the seller DOES accept the offer that is best for them AND the banks. The bank/investor then decides whether or not to agree to the reduced amount. Short sales, while challenging in some instances, are a much better option right now due to the amount of competition for REO's, as long as your time frame is realistic.

Some banks do take longer than others but we've had very successful, quick closings on the majority of our short sales listings. So keep at it regardless of what the naysayers may want you to believe.

All my best,
Micki
0 votes Thank Flag Link Thu Aug 13, 2009
The seller cant accept the offer, thats the whole point of the short sale. The bank has to. You are in for a real nightmare, last one I had with CW/BofA took 4 months and no answer and stringing the buyer along the whole time.

My advice? Honestly, pull the offer and run. Go buy a foreclosed bank owned property.

If you insist this is a dream home and your willing to wait it out, do yourself one favor....check and see if the owner is still living there. If yes, run...they will milk the free mortgage for months. if they have left already thats a better sign they wont hold it up.
0 votes Thank Flag Link Thu Aug 13, 2009
ok the seller called and said that a negotiator has been assigned and the next step is the bank gets an appraisal of the house..they called it a brokerage something or other..at least I am making some progress...
0 votes Thank Flag Link Thu Aug 13, 2009
Yeah I meant to say the seller accepted my offer. I appreciate all of your feed back. I really am in no rush to get out of where I live (still with my parents) so I guess if it takes a while, its going to take a while. I think in the end it will be worth it..considering the bank approves the short sale.
0 votes Thank Flag Link Wed Aug 12, 2009
Rondog, Be patient. The golden rule of being a short sale buyer. There are many factors whether it's B of A or any lender. The banks take many factors into consideration when going through the short sale process. The negotiator also plays a key role and will make or break the deal. I'm curious when you say "offer was acccepted" did the bank accept the offer or did the seller accept your offer contingent on the banks approval. It makes a huge difference.

http://www.dawnsellssandiego.com/blog
0 votes Thank Flag Link Wed Aug 12, 2009
I just hung up from BofA checking on one of my short sales in the pipeline. They are getting much better but the listing agent has to pursue it aggressively to keep it moving along. Banks can take a couple of months to approve right now but most are trying to get it done quicker but they don't have the manpower to move quicker. It may be 30-60 days before a negotiator is assigned and then negotiations begin. Not sure what you mean by not hearing from them for 30 days.
0 votes Thank Flag Link Wed Aug 12, 2009
Oh sorry, I should have stated that. The seller accepted my offer. The list status is now contingent and says "Offer accepted and awaiting lender approval"
0 votes Thank Flag Link Wed Aug 12, 2009
I guess the question is who really accepted the offer, the homeowner or the actual bank? Once you have an offer signed and accepted by the seller ( homeowner) it could take several months if not much longer to hear anything from the banks at all. If the bank has accepted the offer they should move rather quickly, but still there is no standard short sale.
For all of those other buyers out there who do NOT have an agent search on http://www.HomesAroundPoway.com or call me to set you up on auto emails like the one I just got in my inbox I am running out to go show.

Good luck
Web Reference: http://www.DustyBrazil.com
0 votes Thank Flag Link Wed Aug 12, 2009
Listing and your buyers agent should be in communications providing you updates.

26 days seems to be a long time for an executed sales agreement. I believe 7 - 10 working days if I don't have a contract our buyers are moving forward with another search than wait.

Banks do take their time

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Lynn911
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0 votes Thank Flag Link Wed Aug 12, 2009
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