Also, you should know:
â€¢ A large number of short sale offers will not be approved by the bank
â€¢ Occupancy is a requirement for some short sale approvals
â€¢ An agent in my office went 13 months to complete a short sale
â€¢ I completed a short sale in 45 days. However, we where the 3rd contract offer on this house
â€¢ The bank will play by its own rules and has complete control
I am not trying to discourage you from your sale. However, you should be prepared for the reality of short sales.
Best of Luck!
I'm involved in one right now, and the bank's own appprasial of the property, called the BPO, has come back higher than expected and so they are not inclined to agree to our offer, though it was a number they previously accepted from another buyer who ultimately backed out.
If time certainty is a priortiy - then short sales are not the answer that is for sure.
Good luck to you,
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Considering we had a weekend thrown in there the paperwork may just be in the process of being signed.
YES you should receive a ratified copy of the contract.
The bank should receive the offer shortly after you sign it but they will need a lot more paperwork from the sellers as well.
But there is really nothing you can do to speed up the process other than have your agent work closely with the seller's agent or short sale negotiator to make sure the file is being moved forward. The squeaky wheel does get the grease but you should plan on 90 days minimum for lender approval and another 30 - 45 days from approval to close.
Do you have a verbal agreement or has the seller signed your offer and all terms agreed upon? if so, the next step is to submit offer to the 3rd party for approval. This can be scanned quickly, how quickly the bank responds is a different matter. I do not believe the occupancy speeds up the process. just make sure the bank is not foreclosing.