Question Details

Sarah, Home Buyer in Tampa, FL

I have subnitted an offer on a short sale that gave the seller four days to respond. I do have the addendum

Asked by Sarah, Tampa, FL Sun Jun 8, 2008

I put in an offer on a short sale in FL that expired in 3 days. The addendum says that the lender has to approve the amount within 45 days. The offer was made over a week ago and I've heard absolutely nothing at all. Should I hear if the seller has accepted the offer b4 it gets sent to the lender for apprvl? My agent has tried to contact the listing agent several times to ask her if they have other offers, where they are in the short sale process, who the lender is, and if she has an idea of the time period involved. She has yet to return his calls and there has been no response to the offer. Any ideas on what I can do at this point? Should I write this home off? I have several other options I'd like to pursue if this isn't going to work. I have met the owner and he was VERY anxious to get offers on the home. Would I be out of line to contact him directly and let him know I'm not having much luck getting any information from his agent? What should I expect on a short sale?

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Generally, with a short sale your agent should have asked how far along the process is with regards to the bank approval. Did the bank already have a BPO done on the property? If not, you're probably looking at a minimum of 3 weeks (and potentially as far out as 6 months) to get a response to your offer. If the bank has already done the BPO, then you can get an answer in as little as a couple of days. It all depends on how far into the process the listing agent has gotten with the lender.

GIven that your offer is only good for 4 days, you can move on whenever you'd like and find a different home.

I usually counsel my buyers that when dealing with a short sale they shouldn't hold up their search waiting on it. If it comes through, great. If not, you keep moving anyway to find another home. You don't have to put any earnest money down with a short sale (at least not until the lender approves the deal), so you should keep your options open and keep looking.

If you get it, great - if not, hopefully you didn't put all of your eggs into that basket.
0 votes Thank Flag Link Sun Jun 8, 2008
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