You should also ask the listing agent if they only present one offer at a time to the bank. Some listing agents continue to send in offers to the bank and this only slows down the process for everyone.
After that, the negotiator will decide whether or not to accept the offer or reject the offer. If they accept the offer, this speed up substantially after that. They usually like to try and close near or around the same initial date you put on the offer to close by. That means that inspections and other contingency items placed on the offer need to happen very quickly.
The process can be long, but if accepted will be worth it...hope this helps! Have a great day!
The agent should be reporting back to you with status and keeping you in the loop so to speak.
With short sales it is hard to answer your question because there are so many variables that come into play. The short sale has to first be accepted by the homeowner and then presented to the bank for approval. Some banks are fast and some are slow. A lot of it depends on how much money the bank is losing.
Once the bank accepts the short sale the rest should happen relatively fast.
The government is in the process of enacting policy to make the process more standardized and faster.
Right now you have to simply stay on top of the agent and I would also suggest you hire an attorney right away to help you with this.
If I can be of further assistance please let me know.
Associate Broker/Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cell: (917) 805-0783
I think a listing agent should acknowledge an offer within a couple days. Even so, it's always possible that the seller is not available and more time is required to review the offer.
I would suggest having your agent contact the listing agent directly to inquire about your offer. if you are representing yourself, then you could call the listing agent.
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