Home Buying in 91706>Question Details

Sandy, Home Buyer in Brenlan, Round Rock,...

Once I make offer a short sale house,how long the listing agent will respond ,please let me know

Asked by Sandy, Brenlan, Round Rock, TX Sun May 22, 2011

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Sandy:

If you are buying in area code 91706, then your agent will be using a CA purchase agreement for your offer. The answer to your question depends on the time frame specified by your Realtor on page 8 of the offer – Section 29: “EXPIRATION OF OFFER”. If your agent did not fill this section out, then the contract defaults to 5:00 p.m. on the third day after the offer is signed by the buyer.

Some listing agents disregard this part of the contract and take as long as they choose.Quite frankly, it’s a rude practice. Others will communicate with the buyer’s agent and get written or verbal permission to extend their response beyond the 3 days.

Technically, your offer is void once the 3 days expire.
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0 votes Thank Flag Link Mon May 23, 2011
According to the California purchase agreement the seller should respond within 3 days. However once the offer is accepted by seller is still subject to lender's approval of short sale. How long it takes for lender to approve short sale is another story.
0 votes Thank Flag Link Mon May 23, 2011
Depends. You should give them 5 days to respond as the listing agent has to review the offer with the sellers. In case of short sales, the sellers are walking away and they may not care as much about the sales. If the offer expires and you haven't heard back, you should leave without any regrets. If the listing agent and sellers don't care enough to respond, the chance that they will follow through with the whole short sales process and close with the bank is even lower.
0 votes Thank Flag Link Sun May 22, 2011
Hi Sandy,

The Listing Agent should respond to your agent within 3 days - unless you requested a specific time in the purchase contract. However, the only thing the Listing Agent will let you know in that time period is that the seller accepted your offer, is countering your offer, or is rejecting your offer. If the seller accepts your offer, the Listing Agent will then forward it to the seller's lender for approval. Approval by the lender/investor could take anywhere from 24 hours to a couple months. All lenders are different. I've had some short sales approved in 24 hours and some in 2 months. Once the lender/investor approves your offer, the Listing Agent will let your agent know and then you have the escrow time to close.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sun May 22, 2011
It depends entirely on the Bank(s) that have the mortgage and the speed that the Listing Agent can get you Short Sale Approval. There's no fixed time-frame although REALTORS are trying to make 45 days. In most cases, that's quite a short amount of time.
0 votes Thank Flag Link Sun May 22, 2011
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