You could also talk to your loan broker about obtaining FHA 203K rehab financing, if the home is in need of repair.
Shoot me an email if you want to talk about this some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtor
Banks are slooooooooooooooooow!
They do not work weekends, like all the rest of us on Trulia do!!
The bank has no emotional attachment to the transaction. The transaction sits on a desk in a stack and is dealt with when it hits the top of the pile.
I have a current transaction where the offer was accepted on the Feb 25th. The fully executed contract took over 2 weeks to receive back from the bank.
The buyer was not asked to provide earnest money deposit for 3 whole weeks.
I had another where the foreclosing lender could not find the Trustee's Deed for a month. The transaction was delayed closing for 4 weeks. The rate lock had to be extended, etc.
These transactions are not for the faint at heart!
This is why "Traditional" sale properties sell first and sell higher.
Hang in there. On a foreclosure you will close. It will be hurry up and wait, but you will close within 45-60 days from acceptance.
Short sale? Whole 'nother story!! Could be months and months and months.
Your professional agent will know which short selling real estate agents can perform on the short sale close for you.
If you need a second opinion, feel free to call me. I am a local Torrance broker and I would be happy to answer your questions.
As mentioned below, you will get a seller addendum that you will need to sign to proceed. And sometimes it can take weeks till you actually have all the paperwork, and regardless of what the agent might say, you don't have a deal till everything is signed.
One other thing you need to know about foreclosures, you cannot bank on contractual timelines. Some asset managers are on it, some aren't, so you need to get much further along before making ANY plans.
Lance King/Owner-Managing Broker
They are a beauracracy, a conglomeration corporation and no one will put their name on a document that could come back and bite them on the butt.
You and the Title Company willo work through that; you should be Okay.
Trust me, I'll put my signature on that.
I am assuming this is a REO property. If the bank accepts your offer they will send you a bank addendum to the contract that you need to sign and send back before the bank will execute the contract. If you do not get an addendum from the bank, your offer was, more than likely, not accepted. Make sure you read and understand the addendum before moving forward.