Michael Doyle Realtor
1) It is my understanding that the lender has approved the first offer as of Dec 21 and the party had 12 days (working days, I assume) after that date to get their inspections, financing (I assume they have cash as a 12 day escrow is tight) and close. The short sale was listed at a "bank approved price". I don't know much about how things work, but I am working under the assumption that meant the bank will accept the listing price so all offers at that price were cleared?
2) My offer was to put down 10% and finance the remainder.
3) Yes, my lender approval was sent along with the offer.
4) I'm not exactly sure what you mean, and my agent is new (she has only 1 sell at this point), but I know she is calling the listing agent when she says she does. My agent is very good about letting me know what she has or hasn't heard.
I know that other offers will present themselves if this deal falls through, but the process does take a toll on this first time buyer. And this was a really good deal!
1) I am assuming the party in first position will close escrow in 12 days AFTER lender acceptance.....I ask because I do a lot of short sales and I had one lender that took 5 months to make a decision;
2) As a first time home buyer, do you have a down payment or are you going 100% financing?
3) Did your agent submit your lender approval letter with the offer?
4) Are you sure the issue is with the listing agent?
Your agent should should indeed contact your agents supervising broker if he/she is not getting timely answers. Hang in there -it's a great time to buy!