The fact the home has only been on the market for four weeks may work against you should the listing agent have to argue price with the lender. There should be a Short Sale Addendum attached to any offers submitted and in that it allows for a 45 day response time. Is that realistic - it depends on the lender and how many active files they are working. We have had responses in as little as 30 days and some have taken as long as 120 days. Once the seller SIGNS your offer, the agent is supposed to place the listing in "pending status" and any offers taken after that are to be backup offers. The price the bank is willing to take is based on an appraisal they order, not necessarily the price the agent lists. However, if the listing agent is experienced they may be able to argue and present a case as to why the lender should accept the price offered.
The short sale process can be quite frustrating for you and if you are counting on trying to qualify for the $8,000 tax credit this could prove a problem. You must CLOSE on the home by November 30th. There are a series of questions I usually ask a listing agent in order to qualify how successful the process will be.
I wish you the best of luck in finding your perfect home!
75 days is not long enough for the lender to approve; 4-6 months can be more realistic and there may be more than 1 lien holder on the property.
Once the seller has signed and accepted the offer, the property is to be moved from "active" to "pending" according to our MLS rules".
I insert clauses into the contract to make sure this happens.
Keep in mind, that the listed price of the property may not be what the lender will accept. The listing agent may or may not have listed the property at a true market price.
Remember that the listing agent is representing the Seller of the property.
Be prepared for weeks of no information coming forth from the lender. If you can not be patient with the process, and it is a process, I would suggest you look for non distressed properties.
I hope this works for you. I have lived in the area since 1993 and I still think it offers great value.
Realtor e-PRO TRC ILHM
Keller Williams Realty