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Asked by Crystal, Baltimore, MD Mon May 9, 2011

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Answers

5
Karen Parsons…, Agent, Laguna Beach, CA
Mon May 9, 2011
Hi Crystal,

First...if you have a signed contract from the seller "subject to approval by short sale lender(s)" you are not competing with other offers. The bank does not own the home and only has the right to approve or not approve an offer. So....not sure you need to worry about other offers.

That said.....even though the listing agent has been great, they still only have so much control over the situation..in fact the only control they have is to make sure they get everything to the bank as it's asked for....and then it's up to the lenders.

Depending on where things are in the process, and what the negotiator is telling the agent, they might have a good handle on how long things might take...but we've all been wrong on timelines before. There really is no guarantee....so you need to consider your personal situation to decide what to do.

Wish we could give you assurances, but there aren't any. Hope it works out for you....

Karen
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon May 9, 2011
It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. The seller must approve the purchase offer before it gets submitted to the bank. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.

Short sales take a long time because the bank has to review it and they are back logged with many short sales and don't have enough coverage to complete them in a timely manner. The bank typically is willing to work with the seller and buyer on short sales to help avoid foreclosure. Most of my short sales are taking approximately 4 months to get an answer from the bank.

One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon May 9, 2011
It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. The seller must approve the purchase offer before it gets submitted to the bank. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.

Short sales take a long time because the bank has to review it and they are back logged with many short sales and don't have enough coverage to complete them in a timely manner. The bank typically is willing to work with the seller and buyer on short sales to help avoid foreclosure. It can take anywhere from 30 days to 6 months. Most of my short sales are taking approximately 4 months to get an answer from the bank.

One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.
0 votes
Davide Salaf…, , Rochester, NY
Mon May 9, 2011
I wouldn't consider it a done deal until you've heard from the bank regarding the price. They could counter back and try to negotiate which may take some time to come to terms. Good luck!

For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

Salafia Sold Team
585-279-8210
http://www.RochesterHomeLocator.com
http://www.FindRochester.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon May 9, 2011
Since the bank has not gotten back to you on the price you do not have a contract yet, you have an unaccepted offer. The bank can still accept and look at other offers up until they sign something agreeing to sell it. Paying for a title search seems premature to me, but it might be ok if the bank decides to sell if for your offered amount. I would be looking for the bank to sign or send a letter agreeing next.
0 votes
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