Be sure to ask your realtor to find out how many mortgages are on the property.
If it's more than one the process can take a very long time 6-8 Months in many cases. Also find out what bank the mortgages are with. Some banks notoriously take longer to respond to these sales.
You could also find yourself in a position where you wait for an answer only to find out the bank counteroffers at a higher price that you are not willing to pay.
Get in touch with your agent and work out a checklist of questions to ask the bank about where they are at with the process. There are many things that have to be done before a short sale is approved.
Good luck and don't stop looking for a home while you are waiting on an answer. You can always find something better and move on before the short sale is approved.
You can pass that property up and seek another I would recommend if you were my client.
Atlanta Housing Source at
Solid Source Realty, Inc.
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management â€“ http://www.SolidSourcePM.com
You start your question with "is it normal process...""
Normal process is really based on two actions - see lots of properties and make lots of offers.
Anything outside of that is not normal real estate investing.
Anything that limits the multitude of choices and narrows the aperture, perhaps a limit like emotional attachment, anything like that can turn the basic two step purchasing process into something way more subjective.
Chip - it's not normal for professional agents in my business to not cooperate and to not communicate. However, if it's been 3 months, give up and move on.
What are you buying in Rex?
Talk to your agent about how you can move on to pursue other properties. There should be ways to use contingencies and deadlines in the contract to allow you to move on without penalty.
Good luck with your house hunt.
I believe in any process, communication should be key.
It is normal in a Short Sale to not have new information for months, but most agents do keep in touch
weekly or bi-weekly for status updates. Even if there aren't new updates, both buyer and seller should
be contacted and reassured that all parties are working on the sale.
Best of luck!
Your question is incomplete but I hear your plea for clarity on a short sale anyway.
Short sales are a plague on the real estate community. However, there are here to stay, so we need to learn to live with them.
I hope you are working with an agent who is experienced in short sales because short sales are very challenging.
As you have already found out, short sales often take a long time to settle.