If we have and offer on a house and in the contract the closing date is July 31. How long dose it take the bank to reply?

Asked by Melissa, Margate, FL Fri Jun 24, 2011

The offer has been accepted by the seller already, the house is a short sale.

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Eli Givoni-S…, , Boca Raton, FL
Fri Jun 24, 2011
The closing date on the contract will have no bearing on the bank's approval timeline. The bank works at it's own pace. You should expect, at least, 90 days to get to a closing. Often time, longer than that. Very few close in 30 days. Who is the bank, how many liens are on the property, who is the investor for the bank(s), does the seller have all the short sale paperwork in order to submit, etc. There are a lot of variables that will go into the timeline.

Feel free to call with any questions.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
1 vote
My NC Homes…, Agent, Chapel Hill, NC
Sun Nov 27, 2011
The sellers acceptance means absolutely nothing. The Lender and any other lien holders (and there may be more than one) all have to accept and if any one of them refuses then the Seller will be unable to sell. In North Carolina the average time to get a response is 140 days+/- and the answer is more likely to be no than yes. I would imagine Florida takes at least this long and possibly longer. You may cancel your contract any time you like prior to getting a signed acceptance from the lender.

Good Luck.
0 votes
Jeff Holloway, Agent, Sebastian, FL
Sun Nov 27, 2011
You need to be more specific. Is it a short sale or an REO property of the bank? What does YOUR contract call for?
0 votes
gabriel palo…, Agent, Pompano Beach, FL
Mon Jul 4, 2011

A suggestion to avoid frustrations that are associated with short sales. Be always in control.
When spelling out your terms and price set a specific time for a response. Take under advisement the longest time you may consider acceptable expecting a formal response. Express it in writing with a date specific with the demand for the full return of your deposit and the cancellation of your contract. There is no hard feelings it is just doing you're thing or you will be on their terms waiting…
0 votes
Genevieve Ra…, Agent, Punta Gorda, FL
Fri Jun 24, 2011
When buying a Short Sale you need a lot of patience. Banks have a process that they go through and every bank seems to be different. Your Realtor may be able to find out for you or at least keep you updated. A couple of my short sales have got approved and wanted to close immediately. In fact one was approved on a Monday and by Friday it closed. so as the answers below suggest, there are a few variables, and hang in there.
Good Luck!
Genevieve Ramachandran
0 votes
Melissa, Home Buyer, Margate, FL
Fri Jun 24, 2011
My agent was not the one who put in the dates the realtor for the house did. I keep hearing the same answer that we have to wait on the bank. I was told that we could close on or before that date, but we need to have the bank sign the contract also. Short sales are no fun but it seems like buying any property is hard to do right now. Thanks for all you help you guys.
0 votes
Stefanie Coh…, Agent, Weston, FL
Fri Jun 24, 2011
You have to talk to your Realtor. If you are referring to a Short Sale, every one is different. The answer depends on several factors. Your Realtor hopefully is in contact with the listing agent and the bank
and can better answer your question. Unfortunately, we never know for sure how long the process will take.

Good luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes
John Juarez, Agent, Fremont, CA
Fri Jun 24, 2011
Every short sale is different. The short sale lenders do not adhere to any time table but their own. Your Realtor is your best source of information and advice. Good Luck! Short sales are challenging.
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Fri Jun 24, 2011
I would not count on closing by July 31st - I would keep it in mind that you could close by then, but I would not cancel any rental lease, make moving arrangements, change your address, etc. until you have the thumbs up from your loan officer or real estate agent (if you aren't using a mortgage) that there is nothing stopping you from closing on time. Right now, since you don't even have bank approval, you could be far from it. In my experience when that happens, when you have a signed contract with the homeowner but their lender hasn't approved the short sale, and the closing date is approaching, I have found that the buyers & sellers always mutually agree to move back the closing date. Ask your real estate agent if that'd be possible.
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Fri Jun 24, 2011
What type of sale is it? Is it bank owned, a foreclosure or a short sale? Your answer will depend.

Short sale is the longest to reply minimum 3 months can be up to a year.

Bank Owned is pretty quick, it is their property and they make a decision on it.

Foreclosure, you will be in competation on the price and other terms.

Hope this helps.

Debbie Albert, PA
Keller Williams Treasure Coast
0 votes
Sally Grenier, Agent, Boulder, CO
Fri Jun 24, 2011
What does your agent say? When I write a contract on a short sale I NEVER put in hard dates. Everything hinges on the bank's Short Sale Acceptance (SSA). Once the bank accepts the short sale, then you have about 30 days to close the deal.

I wouldn't do ANYTHING until you get SSA -- inspection, appraisal, etc. You have no way of knowing they are going to accept the short sale, so why spend money before it's necessary? I think your agent did you a huge disservice by putting in a hard date for closing. It might happen, but probably not. Most short sales these days take MONTHS to get approved. You need to be very patient if you're buying a short sale.
0 votes
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