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What is the time limit a Lender has to respond to an offer placed on a UT REshortsale?

We placed an offer on a home in Utah that is listed as a short sale and heard there was a law just passed saying that the lender needs to respond in a specific amount of time. Is that true?
  • March 05 2011 - Saratoga Springs
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Answers (3)

One of the reglulations you may be referring to is H.R. 6133 which has not passed - http://www.govtrack.us/congress/bill.xpd?bill=h111-6133

I've heard others say this law (or maybe others) only affect those banks that took TARP money which is a small percentage of banks.

I recommend my clients put deadlines on their offers, and when they expire a few days later go put another offer on another property.  There are a lot of deals out there so you don't need sit and wait for a bank to get their act together.
  • March 05 2011
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Short sales are frustrating but the BUYER can get a deal if they are not having to close in a certain time frame.  Hope you did not put a time limit on your offer if you still want the property.  If the Lender picks the file up and the time limit has expired, they will often shred it and move on.  If you still want the property, and you did put a time limit on it then I would resubmit an offer with no time limit.  You can always send in a termination and release if you find another property or can not continue to wait.  This is just another file on someone's desk.  Lender's are overwhelmed with the volume of short sales.  Best Regards.

Dean Bright
ReMax
Athens, GA
  • March 05 2011
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No, there is no time limit.  They may never respond.  They only thing that will make them respond is if the Seller offers a settlement that is acceptable to the them.  Your offer is only one component in the settlement.
  • March 05 2011
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