will know where they stand. If you trully would like this property, and the bank has all the financials and has approved the seller for the hardship, 2 months is not long enough. The shortest time my buyers have waited is 2 1/2 months and longest 5 months.
email me at firstname.lastname@example.org if need be.
Who is handling the negotiations with the lender? Is it the agent or the seller's attorney? Attorneys will not call as often as a GOOD Realtor, so it might take a longer time, however you know that it's being taking care off in a proper way.
There is no rule of how long a short sale takes, it depends on many variables. Not only the lender's procedure but also a type of loan, etc. Sometimes it's not as easy as the negotiator looking over the appraised value and market conditions...is it an FHA loan? does it have PMI? are there investors?
I represented many buyers and sellers in a short sale situation and if there is one thing I can advise is to make sure your Realtor and attorney stay in touch with the seller's side asking for updates on the process, best to ask for it in e-mail form and have it in writing.
My Realtor just spoke with the sellers lawyer and they say that we should be moving forward very soon (2 weeks hopefully) and they re-confirmed by E-mail that my offer is the only offer that they are working with. As for the other 2 properties, my Realtor is having a very difficult time getting the Relators to even answer the phone let alone send an e-mail confirming anything other than they have received my offer.
I guess that I will just need to be patient with the other two since I've only commited 30 days so far.
I wonder if the banks will be more willing to work deals now that the Feds (Joe Tax payer) will be bailing them out?
Thank you everyone for your answers!