If they can't work within your window and they are interested in working with you, you will likely be presented with the opportunity to extend your offer. The important thing is to get the process started before someone jumps in front of you on this opportunity.
Chasing "short sales" can be a difficult and disappointing process....one that will likely test your level of patience. Before commiting to an offer of this nature, you should be focused on collecting information that will help you to evaluate the chances for your success.
Are the sellers working with an attorney? Does the lender appear willing to work with the seller? Is the "asking price" a pre-approved bank price? Are there multiple loans on the property? Any liens? Where are they in the short sale process? Has the lender assigned a loss mitigator? Has an appraisal been ordered or BPO's done? How far are they from "foreclosure?"
Before getting too far into a short sale, one should be involved with calculated risk.....collecting information can only be a good thing.
"Look before you leap"
Sad as Dallas area property also has one of the highest property tax rates in the country and a convoluted maze to jump through if some "upstart" just wants to buy a home they can afford.
She wasted several months with her apt lease finally ending and renewed at a much higher amount, the ban involved kept changing the terms and amount - always upward and in the meantime the house which had already been stripped by thieves was broken into squatters lived in it, thieves stole the copper, furnace parts, hot water tank, destroyed the garage door and an unknown amount of other damage. During that time the bank delayed, changed processors, demanded no questions be asked and "reassessed" severall times for an even higher price until she could no longer afford their increasing demands.
DALLAS IS A NITEMARE for affordable housing!!!!
-Kim, Community Manager
The problem is not that they will respond with a no.....it's just that they never respond.
The Short Sale Addenda is a standard form that should be included in your contract. It protects both the buyer and the seller. HOWEVER, the bank will likely not pay any attention to that date. The Addenda says that if the bank hasn't given approval for the sale by that date, then the contract automatically terminates. If the bank has not replied by the date provided, your agent can help you do an Amendment to the contract to allow the bank more time to make a decision.
As others have stated, patience is required in buying a short sale. The bank could take several months to reply with an approval letter - and then you will have 30-days to get everything closed. Communication is key. Make sure your agent is letting the seller's agent know your thoughts on the timeframe (as it may change as you go through the process).
Good luck! I'm sure you will be happy when you finally get to move into your new home!!!
Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
Contact my office today where I can show you many amazing homes work with your family specifications.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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Yes, the Short Sale Addendum is designed to protect both parties. I usually have my buyer clients put a date 1 day before the anticipated close date which should always be a minimum of 60 days. This addendum can be ammended if bank needs more time. Your agent should be able to keep up with this is they stay in constant contact with listing agent and/or bank if they are also listing property.
Best of luck to you,
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
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