I am not in your market, however this attachment should be helpful in communicating to your agent regarding timelines. We state in our contracts that all timeframes regarding inspections and financing to begin after short sale acceptance by sellers lender.
If you're using the 30 day language to ensure you're not tied down to this offer, it's a good idea. In fact, I only lock my clients in for a week maybe 2 when dealing with short sales.
If you're not using a Realtor, I'd be more than happy to assist you with the offer. Feel free to contact me personally with any additional questions you may have.
Best of luck,
An old question re-surfaced! Hopefully you are already in a home by now.
As is the case with any contract, lobby for verbiage that you want that best protects you. It is more and more common to see a minimum timeline commitment from the buyer ... usually 60-120 days.
Let us know if you are in a home now, and if so, was it that short sale?
this very question just came up in our wwocar legal news letter. Every contract you write should have a drop dead date now mind you it will not make the banks move any quicker they move at there own pace and when they get to the file they get to the file
You can always word the contract with a 30 day expiration so that you have an out. If the house is a good deal, it may be worth the wait. Banks are so overwhelmed these days that getting an answer can take weeks or months, especially if you are negotiating with more than one mortgage. I hope all of this was explained to you upfront.
I suggest reading your entire purchase offer, including addendums. There should be a standard clause. Your agent would be able to advise you on how to deal with the sellers while waiting for the bank.
I recommend for you keep looking hope bank will provide you an executed contract.
That is something the agent representing you (and I hope you have a buyers agent) should have explained and addressed. If you do not have a buyer's agent working on your behalf, and you would like to discuss your options as relates to this and possibly other properties, don't hesitate to contact me.
Derek Bauer, Associate Broker / Realtor
Real Estate One
734.678.4745 - cell
You can "make" them respond though. Either they do or they don't. If you really want the home you've got to play the waiting game and play by their rules. Otherwise move on to another target