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How long does a bank have to respond on a counter offer on a short-sale?

We are buying a short sale house for my son. Our realtor called us about a month ago to tell us our offer was accepted. When I would call again she said don't worry the house is yours. She then called a week ago to say the bank counter offered ( I guess the owners agreed, not the bank). We counter- offered the bank only $500.00 more than our original offer per her recommendation. I am trying to find out this week if there are other offers and/or what is going on, but our realtor just e-mailed us that we are still waiting. We even asked our realtor if we should apply for a morgage loan and offer $5,000 more - but she seems to be waiting on this counter-offer ( our current offer is cash). We all really like this house and my son would like to be out of his current place ASAP (we've been waiting since december) - but can't comfortly afford the banks counter-offer. Do they have a time limit to respond on our counter-offer. This "not knowing where we are in the process" is making me ill and miserable! - Thank you.
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February 05 2010 - Pontiac
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Answers (5)

The short sale we purchased here in Florida took five months from owner acceptance to settlement.
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February 06 2010
Assuming you used a standard state contract there will be specified time.  In Florida, it's 48 hours.  If they do not repsond in that time, then they have effectively rejected your offer.
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February 06 2010

I know it is hard but you have to put your patient hat on. Short sales are anything but short and you really have to wait them out. The good news is if they say yes then my you will have a great home for your son and all of this will be behind you.

Banks just do not move fast and they are even slower when they don't get what they want. Then when they finally decide, many make you close in a brief period cuz they don't like to wait. It is a frustrating process.

Good Luck

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February 06 2010
The bank can take as long as they want to although it usually is around 30 - 45 business days. Since they already countered once, I would think it would go much faster. If your counter is a lot lower than their counter, they may be waiting for something better to come along. My best advice is to expect to wait and don't stop looking.
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February 05 2010
From another realtor, banks are notoriously slow to respond, it can take a month or longer. I have a deal that has been fully accepted and I've been waiting for two weeks for the bank to sign the deed.

Your deal could be further hampered if there is a second mortgage from another lender or any other liens on the property. These encumbrances have to be negotiated satisfied by the bank prior to completing the sale. Also, if you are dealing with a large bank, it could take longer due to the volume of foreclosures they are working on.

Patience is key. I hope your deal goes through. Please keep us posted!
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February 05 2010
 
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