VictorySpark08

Hoping there is a Real Estate agent on this pages, Long story short me and my soon to be wifey put a offer in on a Short Sale Home at the start of July i believe. We haven't heard jack from the Bank yet. There was multiple offer's two of which we know we are higher on.

Just wondering how long we should wait to hear back, before moving on. Our lease run's though Oct 31st.

Any advice?

c2vette

Not an agent, so hope you don't mind some non-expert input. Our neighbor is a loan agent, and she said that she has a couple of "short sale offers" that have not had any bank response for over 4 months. Don't know if that is typical. May be a case where patience pays off, or just better to find a motivated seller with more equity willing to go for a similar price. JMHO.

VictorySpark08

Thanks, We have heard the same thing, We though this short sale was going to move faster due to both the homeowners and Bank getting along. Except now 1 Month later, we are questioning how long before we hear something.

The longer we wait and do nothing, the more property's move and the closer it gets to the Gov't Deadline for the 8k the more properties move. Just not sure what to do, now were starting to think townhouse, which around here there probably 10-15k price differance. Obviously we rather have a single family but the way things are moving it gives us more options. With this being our first home both have there pluses and minuses.

lyntmr61

Not Real estate but Mortgage company here and yes short sales take a while to get bank approval. Just be patient if you can. My neice and nephew in law just purchased one and it took almost 5 months.

Kris

ChevyMgr

It took 11 weeks to refinance my loan because of the sheer number of people trying to get lower interest rates. When I started the process they said it would be 3 weeks.

In my neighborhood we have one house that has gone back to the bank. They won't even take offers on it due to the current low housing prices. The banks are sitting on these houses until there is some type of pricing rebound. I was thinking of offering them what I figure is about 2/3rd of the value and renting it out until the market comes back and I could make some money on it. But one of my neighbors beat me to it and they never called him back. That was 5 weeks ago.

VictorySpark08

Yea,were hearing a lot of that, 12 weeks, 5 Months even 9 Months for a Short Sale. Fact of the matter is our lease runs out in basically 3 Months (Oct 31)

We found a House today that's a little closer commute wise, New Construction and Want to unload in 45 Days. House was a Model and since the area is kinda sitting idle do to the Melt Down there trying to sell it. Nice little house, Yes its alittle more $$ but taxes are alot cheaper almost 2k Cheaper. So we're thinking of going that way, Not to mention nothing that had to be done right away. Plus 1yr warranty even know the house has been sitting.

Just not sure yet.

AJochum

I read something about the wait time on short sales. Very long and I may be wrong, but you are committed the entire wait time. Let me know if I am incorrect. Did you work through an attorney? What does your real estate rep. say?

VictorySpark08

Well our realtor is on vaction this week. From what we got out of it, we can withdrawal the offer. There our four offer's on the house. We're going to see if she is returning this week. However i did email our Mortgage guy, so see what he says.

Hopefully we can withdrawal the offer and "Start Over" for all we know the bank might sit on it untill the market improves alittle. We know how much they owe to the bank. Bank is basically losing there Butts.

Then again we might be Screwed WTF knows!!

VictorySpark08

Just back from our Realtor and we were able to withdrawal our offer. All our Realtor had to do was send a legal paper with our signature and her's saying we withdrawal. It might vary from state to state.

Put another offer on a different Home, Fingers Crossed this one goes through.

twistrman

not a homeowner since I don't want a house where i live right now, but that just blows my mind. Why do they call it a short sale if it takes that long? Isn't that the opposite. How long would a "long" sale be then?