A Tediously Long Short Sale
I am hopefully about to become a first time homebuyer and currently have an offer on a short sale property. The end of this week will mark the fourth week since the offer has been submitted and the bank has still not given any sort of clue on when they will act. The property was taken off the market the day after my offer was submitted. All info thus far recieved (very little) has been through the sellers agent. Considering that A) my apartment lease is running out in a couple months, and B) I am very interested in this property, is there anything proactive that I can do to speed along the process? If anyone can offer advice/tactics on how to expedite the bank to act, it would be greatly appreciated.
Thanks in advance
Turbo, Most buyers, in my option, have a short time limit on their offer, maybe a few days up to a week. That way if your price and terms are not accepted, you can move on to the next deal and the seller will not be able to sit on and shop your offer. Were you using an experienced buyers agent or going through the seller’s agent.
I really do not know if it would be better with a buyer’s agent or trying to dear directly with the listing broker. There might be pluses and minuses either way.
Look at your contract and see if time is of the essence clause is listing the time limit that voids your offer upon expiration of this date.
Short Sale Pro, I have never done a short sale but I am interested.
If it takes up to 90 days, (3 mo.) for the bank to make up its mind and the property had to be 2 or three months behind before the bank would even entertain the notion of a short sale. Then do they have to turn it over to a listing broker?
It is at this final stage, listed with the banks broker, that I thought the original question was about.