Thanks to all who answered and for the great advice! So, we haven't even been waiting two months yet. And I can't even imagine going six months! I think I will look around, and if I see something nicer, put an offer in and at least I'll know we'll be likely to close on that in 30 days.

Sun Apr 13 2008, 06:45

Sorry, Merm. You sounded just like my client. This is a very tough position for a renter who's month-to-month and waiting with no end in sight.

Perhaps you can look at houses that are either REO (bank owned) or even a 'regular - not short sale or notice of default' house that slightly above your price range. . Both can close much faster than short sale. This is a great time to negotiate. You will never know what the bank or the regular owner will accept in this market.

Vassi is right - make sure you officially cancel the contract if you want to move on.

But who knows, maybe you will hear something on Monday.

Good Luck!
Sylvia

Sat Apr 12 2008, 21:44

Merm: The time-frame of every short sale (pre-foreclosure/ the Lender taking less than what is owed on a loan or loans)-----is different with every Lender. Since there is an abundance of short sales in the state-----the Lenders are backed up. Normal time 2-4 months. I have seen up to 6 months.

Sat Apr 12 2008, 18:59

You have to keep calling or they just forget about you. If you want the home don't give up. Are you working with a Realtor?

Sat Apr 12 2008, 06:02

Merm, if you decide to place an offer on another property, you should further protect yourself by including a "cancellation of prior contract" rider to your contract. Good Luck.

Sat Apr 12 2008, 05:19

Thanks for your response, Sylvia. My realtor says we can move on anytime, that we have nothing in writing from the bank. But we've looked for a long time and rarely have we seen anything that was to our liking (in our price range anyway). So, we all (including the realtor, I'm sure) don't want to have to do that again. Still, although we are living month-to-month in our rental, I would like to be settled in....yesterday already!

Sat Apr 12 2008, 04:47

With the short sale, you almost have to call every single day to make sure things are moving along; and once they accept your offer in writng, they want you to close quickly.

I would go ahead and continue to look for other properties while this is still going on.

If it comes through and you still want the property , great. If not, and if you are protected by a short sale addendum saying that the contract is really not in place unless there is a lender written approval by a prescribed time frame and the lender approved within that certain time period (which does not seem possible from what I read), then you should be able to cancel the contract and go on with the new house you found.

Either way, read your contract carefully to make sure you can get out without losing anything before procedding - eveything is in the fine print. .

Sylvia

Fri Apr 11 2008, 20:08