A lot more goes into the the short sale process besides price. As previous answers have replied-just because it is listed at a certain price does not mean that the lender will accept/approve the short sale. Many questions should be answered prior to entering into agreements on a short sale, such as how many lenders are involved? How far into the process is the seller? Have they completed a short sale packet showing hardship, finances, assets etc? Is there a negotiator handling the short sale? and many others. Hopefully, you have a buyer agent who has knowledge on handling short sales. No one can predict the time frame. I have had some of mine get approved in a few weeks and closing one that took 6 months! If you are counting on getting the tax credit, I wouldn't count on meeting the timeline with a short sale. Good luck! If you need any assistance call or email me. I'll be happy to help.
Coldwell Banker Residential Brokerage
I have seen agents who have had houses on the market for a short sale getting no offers lower their price on the home to stimulate traffic. By them getting an offer from you or someone else their is a huge benefit to the seller. it will stop (in theory) the foreclosure process and force the banks hand as to what they will accept for the house.
Also, if you are trying to get the tax credit the chances are it will not happen this late on a short sale. the banks are running from as quick as three weeks from when they get the whole package to as long as six months depending on the bank you are dealing with..
My adcvice to you is to get a Realtor and have them talk with the listing agent and find out where in the process they are in regards to the short sale.
The normal process takes 6 weeks, short sales (no bank approved) are taking approx 8 weeks. Banks are responding a little quicker than they were last year.
If you are looking at the $8,000 credit, you need to bnder Purchase & sales by April 30th an close by June 30th. Time is short, but you can still make it.
The bank will accept lower than asking. If I can help, please give me a call. I am an Accredited Buyers Agent and can assist you in negotiations and walk thru the sales process at NO charge to you.
Commission paid by bank to agents reprsenting th buyer. I am very familiar with Seekonk and the surrounding areas.