How long does it take to hear if your offer has been accepted for an approved short sale?

Asked by amandac, Savannah, GA Sat Jul 21, 2012

My husband and I put in an offer on an approved short sale house. There were multiple offers (5 other offers). We offered nearly 40k over asking price but with closing costs paid, making it a little over 30k over asking price. How long should we expect to wait to hear about our offer?

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8
Erv Bordner, Agent, Rincon, GA
Mon Oct 20, 2014
Each bank is different. Make sure your agent is in constant contact with the listing agent. The listing agent is working with an assigned negotiator for that listing(Seller). If you and your family are in a hurry to move/relocate then a short sale is not the way to go. One needs patience with a short sale. On average, I would say expect 3-6 months to close on a short sale.
0 votes
Tommy Danos, Agent, Savannah, GA
Fri Aug 3, 2012
It depends on the bank you are working with. More and more we are seeing approval times improve because of pressure from all sides.
0 votes
James Deskins, Agent, Worthington, OH
Thu Aug 2, 2012
One month.....two months.....four months.....six months....never......
0 votes
nj4me66, Home Buyer, Saint Petersburg, FL
Mon Jul 23, 2012
how much is paying cash on closing cost for a house
0 votes
Johnathan Ke…, Agent, Savannah, GA
Mon Jul 23, 2012
Amanda,

I have had to luxury of buying a short sale and when it came to time frames the bank doesn't play by the rules as they expect you to. Good luck in your offer though, and I must echo what Ron in Fresno asked, "why hasn't your agent asked?"
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Jul 21, 2012
Why haven't you had YOUR Realtor call the Listing Agent?

If it has been too long, you probably didn't get it:
The new etiquite excludes a courtesy call; not the way these people were raised.

Also, have your Realtor check to see the STATUS.
0 votes
Michael Huff…, Agent, Englewood, CO
Sat Jul 21, 2012
Unfortunately banks are on their own timeframe, you could hear something tomorrow or end up waiting for months. The most important thing when working with short sales is patience.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Jul 21, 2012
Answers on short sales are never quick and difficult to predict. Banks don't work fast and not on weekends so it can take a couple weeks to much longer. Sounds like you made a good offer so hang in there.
0 votes
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