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How long should it be before I hear ANYTHING about an offer I submitted on a short sale?

It has been 1 month, no one has contacted me to let me know if the seller has accepted the offer, or if the bank has it , or if it;s too low to consider.  I really want this property.  I know short sales can take a long time, but wouldn't they let me know if I should sumit a larger offer, to be considered?  Thank you for any help,
  • May 23 2010 - Idyllwild-Pine Cove
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Answers (8)

Best Answer

Hi Willis48,
Short sales can be very frustrating for the buyer. You and your agent are usually the last ones to find out the latest news and one month is nothing in relation to the time it takes to complete one of these. That is part of the frustration and the reason many of these sales do not make it to completion. You will probably think your agent is not doing enough. That may not be the case. You will probably doubt his/her capabilities and you are already doubting your offer. It's easy to blame the messenger!
That being said you should have already had your offer accepted by the seller and now it has gone to the bank. The short sale is a complex animal. I have written about it on my blog. You are not just talking to the bank who is probably just the servicer, but there may be a second  mortgage and investors behind both the first and second, plus mortgage insurers & mortgage lien-holders. Since the note most likely has been sold off to others (and they may be foreign investors) they all need to approve the sale or be willing to take less than what they are owed.
As others have noted the short sale takes a LONG time. I talked to one lender who's had one for a year and a half. Most are 3-9 months it seems. If you are not willing to hang out and wait, in the not knowing stage, the short sale may not be the route you want to go to purchase your home. Part of the problem in "I really want the property" is the emotional investment. Hopefully you and your agent determined your highest and best offer at the get-go and you just need to be patient with the bank and the process.
Best of luck to you on your purchase!
  • May 23 2010
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Hey, the above answers are accurate...
If you really want it... have your realtor bug the listing agent weekly for updates...  Also, you can try to track down the ASSET Manager...  You cant get in trouble for being aggressive!!! Make sure you have the time.. ANd make sure you can get out if a better offer comes up!!! or a Foreclosure where you can deal with the bank immediatly.

Get on them!!!!!!!
  • May 23 2010
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Profile picture for Ofe Polack
Hi Willis  are you working with a buyer agent?
  • May 23 2010
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At 1 month you are likey only in the very early stages of a short sale.

Hopefully you are working with both a listing agent and a selling agent that know what is involved in the short sale process. Really the listing agent or someone on their team is the short sale facilitator (person who is communicating with the seller's lender), so they should know pretty well where you are at in the short sale process. Your agent should know the right questions to ask of the person that is facilitating the short sale and ask them so they can keep you informed. You should be able to get a solid answer as to wether the offer has been submitted to the bank after a month.
  • May 23 2010
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I would make sure and have your agent confirm that it was submitted, if you haven't done so already.

Short sales are a pain, and they do take time.

  • May 23 2010
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Profile picture for janlynn2
Yes, I submitted my offer thru my realtor.  I have sent a couple of emails, questioning if she had heard anything, or perhaps my offer is too low, in which case I would increase it, if it would give me a better edge on the purchase.  I asked at the time the writing  of the documents,if she felt is was way to low, but she felt we could try with the stipulation the owner would give so many hours for me to counter.  After reading more about short sales, it sounds like most "stipulations" are off.  What do you think?  Call direct to the seller's agent, or sit tight?  Thanks for your input.
  • May 23 2010
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One month is just the beginning, I had one bank take 6 months to respond. Rest assured after they do respond, it is usually a much faster process.

The average time for a bank to respond to a short sale, is 30 to 90days.

Good luck to you.
  • May 23 2010
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Did you submit your offer through a real estate agent? If yes what repsonse has he or she given you? Typically your offer is given to the owner of the home then after they accept the offer it is submitted to the bank. What the bank odes then is review the offer and decide to accept,reject or counteroffer. What happens behind the "curtain" the bank is deciding do they foreclose and may more return or do they short sale.

  • May 23 2010
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