we have been trying to buy a short sale home for five months and dont have approval. When is a good time to give up and move on?

Asked by April18, 18210 Mon Mar 15, 2010

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Jane Grant, Agent, Aguanga, CA
Mon Mar 15, 2010
Ask your agent to find out if a negotiator bee assigned.
It really should not be much longer. If you are want to look at other homes in case this one does not happen I would avoid other short sales and it depends on what is available in your search criteria. It also depends on how much you like this home.

As long as the seller is communicating with the bank and as long as your Realtor has good communication with the listing agent it could all work out.

One other thing to consider. Does the listing agent have a good record for completing short sales?
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Jeanne Feeni…, Agent, Warren, NJ
Mon Mar 15, 2010
Now! My recommendation to my buyers interested in or involved in a short sale is to keep looking. Last year three out of five buyers who pursued short sales closed on traditional deals before hearing back from the bank with the approval. In another case, the buyer hung in there from - brace yourself - May to closing in Jan. You can bet that by the time we made it to the closing table she was so frustrated and disgusted by the delay that it nearly robbed her of the joy of success.

So my answer, NOW, you can keep you hat in the ring but get out there and look for an alternative. You still have time to qualify for the tax credit, but not much - you need to be under contract by April 30!

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service
My Blog: http://www.trulia.com/blog/jeanne_feenick_-_new_jersey/
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Ivona Kuterm…, Agent, Chicago, IL
Mon Mar 15, 2010
Unfortunately what I find out there a lot of times is absolute lack of interest on the lender's part to bring a short sale to a reasonble solution. A couple of days ago I have been told by a lender's representative that the case was closed and will most likely be forclosed on even though my buyers are still willing and able to buy. I tell my clients to stay away from short sales unless they have plenty of patience and time on their hands.
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Dianne Hicks, Agent, Rancho Bernardo, CA
Mon Mar 15, 2010
Has you agent contacted the listing agent to see what stage of the process it is. It might be closer than you think. I am a big believer that listing agent and buyers agent should at least pass emails to each other about once every week or two. That way you know where it is in the process.

Ask your agent to ask the listing agent to expidite it, they often can. You have been waiting, I get homes all the time because the buyers walked and then I do not wait very long. What I would suggest is to look at what is out there and see if there is something better. In the meantime, do not walk unless you find something that can close quicker and you like better.

Good Luck!!!
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Tom Brintzen…, , Berks County, PA
Mon Mar 15, 2010
I would be seriously having a heart to heart with your Realtor. That is why you hired them, they are to guide you thru the entire process. Is your agent explaining to you why you do not have an answer? Thats a good place to start.

To Your Success!
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Nothing, , 18210
Mon Mar 15, 2010
You could be missing out on another home that may actually be the one for you. 5 months is a long time when you're excited about the home buying experience. Maybe it is time to see what else is out there.
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Joseph Domino, Agent, Scottsdale, AZ
Mon Mar 15, 2010
You need to find out what the hold up is. Is it your offer? Is the problem with the lender(s)? Is the problem with the Seller and the lender not being able to come to an agreement on how to settle the debt?

Once you know what the hold up is you can better evaluate. Sometimes it is as simple as satisfying a second lien holder, easily resolved. Sometimes the Seller cannot come to an agreement with the lender, not so easily resolved.

Your lucky day may be just around the corner, or it may still be months away,
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CCC, Home Owner, San Diego, CA
Mon Mar 15, 2010
It depends on your contract. Here, in Minnesota, we have a Short Sale addendum that states the buyers time frame. In some cases some conditions are stablished such as: contract will renew for 30 more days after expiration.

Is it a deal?
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Dan Chase, Home Buyer, Texas City, TX
Mon Mar 15, 2010
I would look at other properties now. One person said they waited 10 months and then got rejected. If you find another house you want remove this offer. Until then leave it just in case they get back to you saying yes.
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