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What is the expected timeline and steps in purchasing a Short Sale in South Carolina?

Owner has accepted contract but it has been 8 weeks, still haven't heard from the bank.  Our Realtor keeps attempting to get status updates, but the Realtor for the Seller keeps saying to be patient.

Meanwhile, some really good REA's have come and gone, and we really don't know if the bank is going to accept the offer.  We also know the house has 3 major roof leaks and are anxious to get it fixed if we are going to get it, and sick that it is getting in worse condition by sitting and waiting on a response from the bank.

1 - What is the expected time line?
2 - If the bank has not accepted our offer, are we actually in a contract?
3 - What causes such a long delay, and is there anything that can speed it up?

Thanks in advance for any help, thoughts, or suggestions anyone can lend our way. 
  • March 31 2012 - Red Hill
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Answers (1)

Profile picture for jm88888
I am waiting almost 5 months on my short sale. And Fannie Mae has approved the sale at the price I offered... That was a month ago. I have been very patient...
  • April 01 2012
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