Home Buying in Sylmar>Question Details

Linda, Home Buyer in Sylmar, CA

Is there a req'd amount of time the banks agent has to accept or deny our re-submitted offer on a short sale?

Asked by Linda, Sylmar, CA Mon Aug 25, 2008

Many months after the orginal offer, the bank has finally seen our request and we have re-submitted a lower offer. Is there a req'd amount of time they have to accept or deny our offer? It was just about to auction and we got a 30 day stay on the property. Thanks!

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Linda,

Basically, the banks can pretty much do what they want to. There really is no "set time" per say, and it totally is up to the bank. Have you spoke with your agent to find our what he/she says? If you received a 30 day stay on the property then that is good news that they have put off the sale of the property. It seems as though they want to work with you.

Has your agent spoke with the listing agent to find out more details? That is where I would start. I would find out what the recent information was from the bank.

The most important thing is to make sure your agent is staying in contact with the listing agent. AND, I cannot stress this enough, that the listing agent is on top of things with the bank! Short sales can be done, but they need a tenacious agent to not give up!

Good luck!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
951-204-1864
http://www.calljoan4homes.com
0 votes Thank Flag Link Mon Aug 25, 2008
Hi Linda,

The banks are swamped with short sale files on their desk and they are under staffed. Ask your agent to call every day or at least send an email -try to find out if there is anything missing from the file that you can provide to expedite.

Good Luck!
Yona Bello
Web Reference: http://www.YonaBello.com
0 votes Thank Flag Link Thu Aug 28, 2008
Linda
Buyers are having challenges with declining home values. I would make sure that you substantiate your new price with new comps. Your Realtor should be able to help you make a case. Just remember that the lender is already taking a loss, so investors (whom the lender represents) may be reluctant to accept a lower price, it will take patience and focus.
0 votes Thank Flag Link Mon Aug 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Linda, after being so patient and dillegent, you got a repsonse and decided to change the terms? Sounds like the bank and current owner are still negotiating. However, I am not sure how effective renegotiating will get you.. It might have made more sense to cancel and rewrite the contract. If you were the bank rep and this was happening what would be your urgency to close the deal.
0 votes Thank Flag Link Mon Aug 25, 2008
If you have a 30 day extension that is good, but unfortunately, because there is a new offer on the property it is going to take 20-25 days to get an approval. They will move a little quicker this time due to the impending trustee sale date, but the wait will still be long by our standards.
0 votes Thank Flag Link Mon Aug 25, 2008
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