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Answers (6)
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Each and every bank operates differently and the circumstances tend to be different for every short sale. Whoever you countered to, should be able to give you an update on how long would it take to close.
- Joan Strickland, "Joan Strickland"
- Contributions:4
If you are working with a closing attorney, their office will hopefully be able to keep in contact with the bank's attorney to make sure things are moving forward. When there is more than one lienholder, it can become very messy since you need approval from more than one bank for accepting the short sale agreement. I know of one offer that has waited more than a year without closing because the second mortgage keeps being sold and negotiations start all over again. Good to know how many lenders or lienholders are involved. Keep looking at other properties since while you are waiting you may find a less complicated property to purchase!
- Joyce Jones, "Joyce Jones"
- Contributions:1
Unfortunately short sales can take up to a couple of months or longer to get a reply. My suggestion is that if you like the house, stay with it. It will be the same scenario if you find another short sale home and then you will be having to play the "wait game" all over again. Just make sure you have someone who knows how to stay in touch with the bank/lender and make sure that the package is complete and not missing anything.
- John Stewart, "nwhome.us"
- Contributions:2166
The listing agent or negotiator should have a phone number that would lead them to your answer.
Keep making attempts to contact the lender and confirm their workload. Make certain that all of the departments within the lender are aware that you have completed the work that they asked of you.
Keep making attempts to contact the lender and confirm their workload. Make certain that all of the departments within the lender are aware that you have completed the work that they asked of you.
- Brian&Kelsey Johnson , Broker Associate, "BrianKelseyJohnson"
- Contributions:41
I wouldn't wait for foreclosure. depending on the note the seller is carrying it may be months to years until it is put back on the market post foreclosure. There is always a chance if the bank is holding the note that it may be packaged and sold to investors anyways. I would wait out the response and move forward, if the price you are getting is worth it.
- Derek Dahl, "Remonster"
- Contributions:5
Dear Bullsfan23,
It can take anywhere from 2 weeks to 3 months for the bank to respond to your offer. It just depends on the lender and their process.
It can take anywhere from 2 weeks to 3 months for the bank to respond to your offer. It just depends on the lender and their process.
We accepted the banks counter offer on a short sale how long to hear back from them?
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