A short sale home is usually contingent upon the seller's lenders approval of any contract. Even if they accpet your offer the foreclosure process does not stop and it may be foreclosed on. Consult with your agent and your attorney for more information if needed.
All the best,
Reslults Realty USA
Every situation is different, but usually worth the effort.
Mary Hamrick - Broker, Short Sale & Foreclosure Resource
The fact that you are negotiating or going through a short sale does not make the lender obligated to hold off.
Unfortunately, in every instance of disappointment I can recall, the buyer responds in a manner similar to yours. They want to blame the only face they ever see, the real estate professional.
It does not matter that you READ and SIGNED the Short Sale Disclosure that clearly stated that a miracle must occur for you to actaully purchase this home. The document clearly stated THIS SALE MAY NEVER BE SUCCESSFUL! Your signature, attested to your belief in miracles.
Short sales are the most complex, convoluted, illogical, disorganized, frustrating process in real estate. There exists an illusion of rules but any can and does happen. And it is mostly beyond the reach of your real estate professional to influence what happens behind the curtains of the servicing company, insurance company, investor, home owner and other lien holders..
DrMOM2223 question will bring to the surface the incredible dysfunction of the process. This home may not reappear as a bank owned sale for YEARS! It can sit vacant and deteriorate. OR, it could pop up in four months. It could be sold silently to a bulk investor or assigned to a REO company for refurbishment and resale. There is just no way to know what is happening behind those $900 Billion dollar curtains.
The truth is, sometimes miracles don't happen.
Please don't blame the real estate professionals.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
My question is, how long after it starts the foreclosure process does the house go back on the market?
Unfortunately, this type of incident occurs all the time. Whoever is in charge of submittin and negotiating your contract needs to stay in direct contact with the bank so this does not happen. It does not matter if the home owner accepted the offer. The bank needs to accept the offer before foreclosure proceedings occur.
Good luck in your search!