Home Buying in 60195>Question Details

Annsnow, Home Buyer in 60195

were in a short sale for 3months now. Can you give me advise to how can i make the sellers bank tell us the truth already if they approve it or not?

Asked by Annsnow, 60195 Tue Jul 10, 2012

We just wanna know if the sellers bank will approved it soon or not? if not, its ok were backing out of the contract and find another house. or can i tell them, if we didnt hear anything from them in two weeks were backing out. Were a first time buyer, and first time doing short sale. Before we signed this contract our agent and the listing agent told us this will close soon. thats why we stick in the contract for 3months. but the contract signed is already done. the only thing we hear from the listing agent, that the bank needs another week? after that, they ask for another 2 weeks again. and lastly for a month. were just renting right now, and we thought we could close this july coz our lease ends in june. thats why its perfect. but it looks like we wont be hearing anything or closing it til the august or september. thats what it looks like for us. were getting impatient and frustrated. all we want is if its approved or not, if not its fine so we could move on and find another house.

Help the community by answering this question:

Answers

2
This is just one of the reasons caution should be used when doing short sales. It doesn't make any sense to most of us, but the banks just seem to take a long time. Your contract on the short sale addendum should have given the bank a specific time to approve after acceptance. If you are beyond that period, you do not have to extend and you can have them return your earnest money.

All anyone wants out of banks is an answer. You need to decide your breaking point. No one can make the bank give an answer. If your period has expired, the only thing you can do is indicate your hesitance to extend the contract. That MAY prompt action, but that is a very weak MAY.

There is regular time and there is "bank time". Bank time doesn't seem to operate on the same clock as the rest of us do.
0 votes Thank Flag Link Tue Jul 10, 2012
Thank you Suzanne! I agree, it really doesnt any make sense. If you signed a contract, they should have stick to it. yeah, i think contract is useless during short sale. If we knew that the first we wont be doing business with them.
Flag Tue Jul 10, 2012
add info, annsnow, were a first time buyer and will be doing VA Loan and already pre-approved our mortgage agent is already waiting for us...were looking to buy that house in Lake Villa, IL. Thanks!
0 votes Thank Flag Link Tue Jul 10, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer