Home Buying in Arizona>Question Details

Jb, Both Buyer and Seller in 85379

On a short sale how long until they choose a offer?

Asked by Jb, 85379 Tue Jan 20, 2009

We put an offer in on a short sale through country wide. It has only been a week ( for us) and there are a total of 3 offers on the home. The lender asked everyone for their Best Offer, how long should it take to find out who they will accept? The listing agent says that we are much closer than further- what ever that means?

Help the community by answering this question:

Answers

9
COUNTRYWIDE AND THIS AGENT IS FULL OF IT.TIME TO CHANGE THE S-$#@!*Y PANTS. AGENT OR COUNTRYWIDE .DONT CAR! SHORT SALES WERE GOING TO MAKE IT BETTER-WHAT HAPPEN..I AM GOING TO BE HOMELESS AT END OF THIS MONTH. DUE TO COUNTRYWIDE POOR HANDLING OF MY ACCOUNT.. THERE WERE NO PROBLEMS ON MY SIDE..GOOD FICO SCORE OF 785+ NO DEATE LOAD.
NO . NOW I AM GOING TO BE HOMELESS OR SIGN A LEASE FOR A YEAR AGAIN.NO MATTER WHAT I HAVE TO MOVE ,,APT I HAVE NOW IS LEASTED !
SO PUT WHERE THE SUN DONT SHINE

JAMES R IN MINNESOTA
0 votes Thank Flag Link Mon Jul 20, 2009
Unfortunately, the term "short sale" definitely does not describe the time frame for these transactions.
My experience has been that each transaction is different. If the lender and the listing agent have good communication, the paper work has all been submitted properly, then you may be lucky and get your answers in a timely manner. I have seen improvement on the time lines now that banks are resigned to the fact that our current market has gone in the direction of a vast amount of short sale transactions. The banks are now dedicating entire departments to process these purchases as quickly as they are able.
I wish you all the luck with your offer. Hang in there if you really want the property you have offered on. Other buyers may tire out and quit and then you will be left with a great deal.
0 votes Thank Flag Link Tue May 19, 2009
From the information you've provided, it's rather remarkable that Countrywide is this far along in the process. I'm currently at week seven of a Countrywide short sale (partially because the short sale department had the file in the wrong status for three weeks.)

Unfortunately, there's no set time frame for the bank to choose. It could be a couple of days, a couple of weeks or a couple of months. Best advise is to hang in on this house but also keep your eyes open to other possible options (bank owneds, for example) that may come on the market.
0 votes Thank Flag Link Tue Jan 20, 2009
JB, Most of my buyers that choose to write offers on short sales usually wind up very frustrated because the process can be VERY painful and SLOOOOOOOOW. Because the lender has asked all remaining buyers for their best and final, their final decision is probably within 2-4 weeks. Who the lender accepts will depend on many factors such as: Which buyer can close the quickest, which buyer is putting the most cash down, which buyer is asking for the least seller concessions and etc. If for some reason this deal falls through, look to REO's and other distress sales that can be purchased for JUST as good of a deal but without the pain typically associated with short sales. Are you represented by a buyers agent or are you an unrepresented buyer in this transaction? If the latter, feel free to call or email me if you'd like some tips on how to get the best deal without wasting months of time in the process when buying distress type properties.
0 votes Thank Flag Link Tue Jan 20, 2009
JB,

Only the shadow knows...

Short sale offer acceptance seems to be getting better, but I can tell you from personal experience that I have had them out to accept 8 months.

So you'll need a whole lot of patience.

Best of luck,


Stew Keene
Ph (480) 220-7491
Fax (866) 711-8573
StewKeene@yahoo.com
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes Thank Flag Link Tue Jan 20, 2009
Good question. I have found that it not only depends on the lender but also the listing agent. If they have a pre-approved short sale from the lender before submitting offers, you can receive a response rather quickly. If that is not the case, it can take weeks or months to get an answer from the bank. I had a buyer that put in an offer in June 2008 We were 1 of 2 offers. We did not get selected until October 2008.
Bottom line...a short sale does not mean a short period of time.
Hang in there. If you really want the home, it will be worth the wait. Good luck!
Edee
0 votes Thank Flag Link Tue Jan 20, 2009
Bank can take bids with response 24 hours up to weeks, OR you may never hear from bank. I would recommend keep looking not depend on this home. If bank responds GREAT , if they dont you have lost your time . I have had a bank return a response 6 months after a bid was submitted needless state my buyer we found another home.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
JB,

You need a buyer's agent with experience successfully closing a short sale to help you out. Hopefully that's the agent you hired and submitted your offer through. And really, that's the person you should be looking to to get answers, as they are your agent, and anyone else answering your questions could be viewed as interfering with established agency. If he/she doesn't have answers, then have them talk to their broker, or another agent in their office that does have answers.
0 votes Thank Flag Link Tue Jan 20, 2009
This is a very challenging question. It all depends on the bank that owns the property. I have found that with larger banks it can take months only to find out you don't have a deal at all. If it is a small, local bank you can usually find someone to make a decision.
Also some banks require that you are approved first with there financing.

If you need to see some live rates they are here at http://www.amerisave.com/partner/agrego
0 votes Thank Flag Link Tue Jan 20, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Arizona > Home Buying in Arizona > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer