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My husband and I just made a offer to a shortsale condo 2 weeks ago. And we didn't hear anything back yet. And our agent told us there is no compete offer. Is this normal?
I remembered when we were buying our first house, it only took few hours to hear back from seller. And our agent told us seller have to respond to offer in 48 hr??? I am not sure. Anyway, every seller we encountered repsond quickly to our offers.
Is that because it is a short sale, the seller doesn't have to respond our offer?
It's not up to the seller on the price as far as I know. And expect to hear back from the bank in 3 months if no one else throws in an offer. They are simply waiting for other offers. If you're in no hurry just wait it out. Otherwise I'd walk away.
The sellers can't submit anything to the lender without an executed "contract". They can't just submit offers. If you haven't signed an actual contract, you're going to be waiting a long time to hear back from the bank.
If the seller agreed to your offer, they should have signed the purchase contract and you should have received a copy. Then the contract goes to the seller's bank for review and hopefully approval of the short sale. You should ask your agent if the contract was sent to the bank. It could take months to get an answer from the bank.
Even though the seller accepts your offer, it's the bank's acceptance that counts. My short sale offer was accepted by the seller 3 days after we made it. The bank however is lagging. We're on day 107 to put it into perspective.
Your contract could have specified a deadline for response from the seller.
The seller can agree, negotiate or decline. Once you and the seller agree to price and terms , the sale will be contingent upon their lender's acceptance of the offer, including the seller's hardship. If there is more than one loan on this property, it's gets substanitally more complicated.
I am aware of several short sales that have been under contract for more than a year, waiting for the lender to aprove it.
One such transaction now has the wanabe buyers renting the place which puts the short sale at a higher risk of failure.
Be aware that most short sales do not close as shorts. Rather they proceed to foreclosure. You cannot compare your prior traditional real estate experiences to a short sale in this market.
Your agent should have explained the short sale process in detail to you. If they didn't, shame on them! The contract is between you and the seller - the seller can accept your contract, but then it has to be submitted to the bank along with a "hardship" letter and loads of paperwork from the seller. It is critical that the seller's agent be knowledgable about short sales as well. The short sale process can take anywhere from 60 days to over a year to be approved.
we are going on 4 months now waiting for a reply from the sellers bank. We currently have 2 Short sales under contract. We're only buying one but the way things are going we needed a back-up Short sale. As of now whichever home is approved first is the one we'll take. But then both might fall through. Problem here in FL is there are really no "regular" homes for sale...
we are going on 4 months now waiting for a reply from the sellers bank. We currently have 2 Short sales under contract. We're only buying one but the way things are going we needed a back-up Short sale. As of now whichever home is approved first is the one we'll take. But then both might fall through. Problem here in FL is there are really no "regular" homes for sale...
Make sure to get that termination letter out in time to make sure you don't end up with 2 houses!!
hi,
Well things depends in these cases a lot, I mean on lender, on seller, Well I saw some worst cases, where period extended up to one year, while in normal cases It takes 2 to 3 months.
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