Home Buying in Oakland>Question Details

Honeytoast4u, Home Buyer in Oakland, CA

I put a offer in on short sale in the seller accepted my offer the bank is taking for every i have waited 90 days should i keep waiting?

Asked by Honeytoast4u, Oakland, CA Tue Nov 15, 2011

Help the community by answering this question:


Some short sales do take quite a bit of time. I am currently working with a buyer who is in contract on a short sale. It took 4 months but we finally got bank approval and are closing this month. If you are patient you can usually get a good deal with a short sale.
0 votes Thank Flag Link Mon Sep 10, 2012
Probably. There are often great deals to be made on short sale properties, and the buyers who get the benefit of those deals are the ones who can withstand the maddening frustration of waiting. You earn whatever value you gain with your time.

That said, you should also keep looking, as there is always the possibility that the lender will counter at a higher number.. And, sometimes these homes get foreclosed on by another department while you are patiently waiting. I had lovely buyers who received a yes answer from the bank after waiting more than 90 days to hear...and two days later the bank foreclosed anyway. The short sale department and the foreclosure department are managed entirely separately, so you just don't know until you close escrow.

Hang in there on the offer that's accepted. Commiserate with your agent...he or she is probably equally frustrated and trying to stay positive. And keep watching the market.
0 votes Thank Flag Link Fri Jan 20, 2012
Waiting for 90 days is not at all unusual...it will depend on who the lender is, how many loans are on the property and with whom, how experienced the listing agent is in dealing with short sales, how much your offer is compared to the amount(s) of the loan(s), what the BPO agent estimated as the market value of the property is.

There are so many moving parts to a short sale....hopefully your own agent has properly prepared you on what to expect. If he is also an experienced short sale agent, this would be one of the very first things he should have done prior to showing, and writing an offer on a short sale.
0 votes Thank Flag Link Sat Nov 26, 2011
It depends on how much you like the house, what your current housing situation is, whether you feel it's a good deal to wait, and what communication you are getting from the listing agent. The listing agent should be calling the lender and getting updates for you. If you have no communication then you need to ask your agent to push the listing agent to call the lender and get an update as to where the file is in the process.
0 votes Thank Flag Link Wed Nov 23, 2011
Short sales are by no means fast sales, what is your agent advising...consider a consultation.
0 votes Thank Flag Link Wed Nov 23, 2011
Process is generally painstakingly long. Good thing is that if it is approved you will get a very good deal!
0 votes Thank Flag Link Tue Nov 22, 2011
the bank is waiting for the Market to go up 10%
it sounds sarcastic, but I think I'm right.
Patience shall be rewarded

good luck and may God bless
0 votes Thank Flag Link Tue Nov 22, 2011
Some short sales can take over 12 mos. But I have seen some amazing deals for people who stuck around. Or you could look for a short sale on the MLS that already had a few buyers back out but short sale price is approved. That may take less time.
0 votes Thank Flag Link Tue Nov 22, 2011
It depends on what your agent tells you is happening. If there is more than one bank it can take longer. Your agent should have some indication of where you are in the process.
Web Reference: http://jackiecare.com/
0 votes Thank Flag Link Tue Nov 22, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer