We've had an offer in on a short sale in Groveland, FL since the end of August. We were expecting it to take
a long time but it's now been almost 4 months. We were told the first week in Dec that we would have an answer by the end of the week which of course, we didn't. According to our Realtor, the home owner told his Realtor not to call his bank again to check on it or he will pull the listing and list it with someone else who will sell the house for more. This house has been on the market for almost a year. I'm starting to think we should pull out of this deal, that its the homeowner who is holding this up. BTW: he's never lived in the house and is from out of state. We've looked at a lot of other houses but this is our fav but should we just give up on it or is this normal for a short sale?
I would say, like I have to some buyers in the same situation. Let's take a look at what else is available. In my experience a short sale should take about 4 months from start to finish, although they are all different. If the bank has not approved the sale, you should be able to cancel your contract and find another property. Check the conditions in your contract however to make sure. However, it really comes down to whether you can wait. If you really want that home, you will just have to hang in there. If you can't wait I'd recommend looking for a bank owned. They typically respond much faster than the short sales. Good luck!
Macy,
My first question is do you have the time to wait? Sounds like the seller is willing to take as long as possible, which is really weird considering the value of his home is most likely going down over time for who knows how long. You can rescind your offer anytime before 3rd party (bank) approval. If you do withdraw your offer I would suggest that next time you make an offer on a short sale that in the addendum section your Realtor add a clause that will allow him or her to contact the seller's lender(s).
I understand it was your favorite when you made the offer. Is it possible that another house has come on the market in the past 4 months that could be better? Maybe you should talk with your agent about looking for another house and possibly rescind this deal if you find a better home.
Good luck!
Trey Miller
Prudential Tropical Realty
Macy,
We are truly sorry for this experience but it is the norm for "short sales." This process can take up to six months and requires great patience and the ability to deal with stress and frustration. Hopefully, in the end it will have been worth it.
To keep your options open, you might want to consider continuing to preview property. This will keep you informed and minimize time lost should things not work out. It may also open the door to new opportunities that will clear the way for you to make the decision you are now struggling with.
You may want to let his agent know you have reopened your search anticipating the worst.
Happy Holidays
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