It is always your right to demand an answer from the seller whenever you want on a short sale or any sale. You can have your offer expire within an hour if your wanted to. But the seller is not in total control of the acceptance of the offer. The lender must also approve. Demanding a 24 hour response from the lender will not work. Getting approval from a lender takes much more time than this. If time is not on your side and you can't wait, I would consider a different type of sale than a short sale. Good luck to you and if you need the assitance of an experienced Realtor, give me a call.
Demand.. shout, stomp up and down. Either way the seller can't do what you ask.
Buyers like you come to us all the time and are not willing to be patient to let the process do what it has to do.
If you need a home right away a short sale is not for you.
You don't have any obligation usually in a short sale contract anyway until the lender and seller agree to the terms of the lenders demands.
Great question, we hear it all the time. "Why don't the lenders pay attention to me", simply they have a process and that takes time.
Let us know if you have questions.
Licensed Associate Broker
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William Raveis Legends Realty Group
If you mean an answer from the short sale lender, you may as well not submit the offer. It is highly unlikely you will receive short sale approval from the lender in 24 hours. However, that said, I did have one short sale which was approved in under 24 hours by the lender. It was a miracle - most short sale approvals from the lender take longer than this - anywhere from a week to 2-3 months.
You may want to avoid short sales if you do not want to wait.
You can demand the house come fully furnished with a stocked fridge and wine cellar, but that won't likely happen either. Banks don't work that way and trying to force them to change is like shooting bullets at superman, they just bounce off with no effect.
Short sales are going quicker than they used to, but there is still nothing short about them. Expect 3-9 months of uncertainty. When you do get an answer, be expected to jump to the banks tune if you want the house.
You can build escapes into your contract. Our standard short sale addendum puts a time frame, typically 60-90 days for the bank to approve. You would have the option of extending the contract or walking away if the time frame isn't kept.
I did a blog post on the anatomy of a short sale, explaining how many working parts there are from listing to closing. You might find it helpful in understanding why things take so long and often don't go well.
If you're wanting to demand an answer from the seller, then you simply write in an expiration date and time on the offer.
If you you're wanting an answer from the seller's lender(s), then don't waste your time even writing the offer. If you do, it will be an exercise in futility.
(your thumbs up is always appreciated!)