Waiting to buy a short sale home!
Posted 11-25-2008 at 09:49 AM by RAVEN77
My husband and I put in a contract for a home that is a short sale over 90 days ago. We have been waiting and waiting for an approval from Countrywide. Now supposidly they need an uninterrupted 15 days and then we will know if the bank prepared the package to go to the investor. Then it takes 10 to 30 business days to hear from them. We are so emotionally drained and we love this house. Does anyone know how long this could possibly take and has anyone had a similiar experience? We are losing hope.
Total Comments 2
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As a real estate agent in Connecticut, I have had the experience of working with short sales. The key word is PATIENCE. Regretfully, in some cases, a first and second may be held by the SELLER and other banks have to be consulted. Most importantly, Countrywide is probably the service provider and not the investor who also has to approve the short sale. The key question is: Has a short sale been approved? Despite your offer, you may indeed learn that your offer has been accepted, else, the bank will most definitely counter. If you are represented by a real estate agent, ask him/her to determine when the property will go to strict foreclosure.
In that case, the short sale options are no longer available. However, it is not uncommon, for banks to delay..PLUS, the holidays are now here. I hope the bank will approve the short sale and your terms and price!Posted 11-25-2008 at 11:49 AM by GreenwichCT
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You can post in the Real Estate forum for more feedback if desired.Posted 11-25-2008 at 03:46 PM by 2goldens
