Any advice for FHB on Short Sales? (Holbrook: lender, attorneys)

[Mtek7]

Hello,
I'm a first time home buyer, we have been looking for 3 months and we finally founded a nice property in Holbrook. Is a short sale, we went over the whole fiasco with attorneys, home inspection etc and to make the long story short, we placed an offer and we are still waiting for an answer from the bank. I'm losing my patience, any body can share any advice or experience with short sales. Any input is appreciated.

[TomMoser]

It can take an exruciatingly long time for banks to respond to offers on short sales. Sometimes months. My advice is to continue looking in the meantime.

[Mtek7]

Hi Tom,
Thanks for your reply. we have been looking at more properties, but my attorney told me that I'm can't place or buy other property until the bank either accept or decline my offer on the short sale property. I'm starting to regret my decision on this short sale. is nothing short about it !

[TomMoser]

I would double check with your attorney on that one. I don't see any reason why, if you found another home, you could not withdraw your offer.

[Parker Style]

I almost purchase a short sale property. Took the sellers bank about 5 months to approve our offer. In that amount of time the market really took a bad turn and the house just wasn't worth it anymore. The house needed a lot of work. We didn't have any problems getting our deposit back. If its a good deal and really want the house, be patient.

[Arron]

Originally Posted by Mtek7

my attorney told me that I'm can't place or buy other property until the bank either accept or decline my offer on the short sale property

This is not true at all. Find out what your attorney really meant, or else get a new one!

[Rachael84]

We almost placed a bid on a short sale house. We had to meet the realtor at the house to put a bid down, and the owner kept putting it off and said we couldn't go. The bank was rushing us to make an offer while all this was happening. They said we had to make an offer within a couple days or they will give it to the contractors' bid. I guess it depends on the bank.

[Elke Mariotti]

Originally Posted by Mtek7

Hi Tom,
Thanks for your reply. we have been looking at more properties, but my attorney told me that I'm can't place or buy other property until the bank either accept or decline my offer on the short sale property. I'm starting to regret my decision on this short sale. is nothing short about it !

Big question here is, how many short sales has this attorney handled?
A short sale is not your normal transaction, right down to the HUD-1 and really calls for an attorney experienced in this area.
BTW, when you submitted your (written) offer, what terms did you include? Your out could be right in there...

[Elke Mariotti]

Originally Posted by Rachael84

We almost placed a bid on a short sale house. We had to meet the realtor at the house to put a bid down, and the owner kept putting it off and said we couldn't go. The bank was rushing us to make an offer while all this was happening. They said we had to make an offer within a couple days or they will give it to the contractors' bid. I guess it depends on the bank.

Yes, each lender has their own way of doing things.