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I put a bid on a short sale home and i want to know how long is the process im getting angry!

  • June 14 2012 - Florida Center North
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Answers (6)

Short Sales are not for the faint-of-heart, they take time and they take patience.  You and your realtor should discuss the process before you make an offer to be sure that you understand that it can take time.  The typical time frame is 90 days, but it can take much longer. The bank will take whatever time it needs to perform its due diligence.  Buyers are not in a position of strength in short sale situations; you have to understand that you will wait and you must be prepared to do so.  The alternative is buying a property from an owner for perhaps a higher price.
  • June 15 2012
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Did your Realtor explained to you the ins and outs of a short sale? The truth is that there is absolutely nothing short about a short sale.
 Being angry only makes your heart get sick.Best of luck and patience!
  • June 15 2012
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Profile picture for Ofe Polack
Discuss the process with your buyer agent.  Anger is not a good thing in any situation, but you should have known from the beginning that short sales are as frustrating as a bad traffic jam in a crowded  city.  You do not give a lot of information about your special situation, for instance, who is the lender, when you placed the offer, are there one of two loans, are there any further liens on the property, has the offer being assigned a negotiator, etc...  Good luck and please, whatever you do, take it with a pinch of salt, there isn't much you can do about it, except have your buyer agent sustain an on-going dialogue with the listing agent.
  • June 15 2012
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Profile picture for BryanFix
The timeline can very quite a bit but as mentioned before you started the Yellow Brick Road to Short Sales the agent should have had a detailed discussion as to the expectations, highs and lows to jumping into a Short Sale they aren't for the faint of heart.
  • June 14 2012
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Profile picture for craigfial
Your agent shod have managed your expectations. Short Sales are not guaranteed and you have to be flexible and patient. Most buyers loose interest after a few months. It could take 6 Weeks to never. Banks dont have to take your offer or approve a short sale. If its FHA,VA, or Fannie Mae the loan probably has mortgage insurance and possibly a second mortgage. All of these have to be negotiated. Its not easy getting everyone to agree.
  • June 14 2012
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Profile picture for wetdawgs
The process can be anywhere from a few weeks to many many months (I've heard of three years although most are within six months).

What does your agent say?

  • June 14 2012
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