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Answers (5)
- Jeff Konstant, "jkonstant"
- Contributions:1970
The short sale we purchased here in Florida took five months from owner acceptance to settlement.
- Mark LeMenager
- Contributions:1714
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.
- Dianne Hicks, "Dianne Hicks"
- Contributions:11
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
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2167
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.
- Jim Stevenson, "therealtorguy"
- Contributions:1067
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!
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!
How long does a bank have to respond on a counter offer on a short-sale?
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