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
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.
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.
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,
Ph (480) 220-7491
Fax (866) 711-8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
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!
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.
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