How did you make the offer on the property? Did an agent represent you? If so, they can find out the status of the offer that was made. Short sales take a long time to be processed. You may not find out the status of your offer for up to 45-60 days. An offer is submitted to the listing agent who in turn submits it to the loss mitigation person he is working with. Then an BPO and appraisal is ordered ... there may be a counter or it may be rejected if it is a low ball offer. If it is an accepted offer, the listing agent finds out and will inform the buyers agent...who in turn informs the buyer, in this case you.
If you have any other questions, email me at:
If your offer has been accepted, under the Home Affordable Foreclosure Alternatives Program or HAFA, established by the Treasury Department in 2009, the loan servicer is mandated to respond to a short sale package and offer within 30 days.
If the borrower (seller of the property) is not eligible for HAFA (seller cannot demonstrate a hardship, for example), then some lenders will take 60 days on average.
What will make the most difference in the time it takes is the listing agent's tenacity and follow-up. I will call every 2 or 3 days to make sure that the short sale lienholder has all the paperwork. It's amazing but not uncommon for items to disappear and require re-submission. Sometimes I need to expedite a file if it is not progressing.
When representing a buyer for a short sale, I include in the offer a requirement that I see copies of all correspondence with the lienholder. If the listing agent declines, then this is a major red flag, and I will advise my buyer accordingly.
If you made an offer on a short sale you need to ask your agent the status of the contract. Are you the only offer submitted to the bank. Are there other offers? You agent should be able to find out where you are in the process on your offer.
The Carrabba Group
Keller Williams Hollywood Hills
that is a question you should be asking your agent. Your agent should be in contact with the right parties to find out the status of your offer. Be prepared to wait at least 2-3 months which has been the average lender response time...