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Hello everyone:
I am buying a short-sale property in Maywood, NJ and its taking longer than expected, for those of you familiar with this type of purchase, what's the normal waiting period for a house in this condition to close? Also, I got a letter from the seller's attorney suggesting that we 'set property corners'? What does this mean?
Thanks for your input
Your realtor should have told you how short sales work. The amount of time it takes to close on a short sale varies by bank. Some are quick, some could take 6 months. Your agent should have set a time frame in the contract for the offer to be accepted, otherwise you are waiting around in limbo to hear back from the bank.
I believe the seller's attorney wants you to have the survey done on the property.
Thanks Kevin,
Well, yes our realtor told us that the short sale was going to take at least three months and we were ok with it, however, its's going to be five months and get this, the tenants living in the house do not want to leave even though they have been served with eviction papers twice!!! Now, we got a fyi by our realtor that the bank is waiting for the end of this month for the house to go into foreclosure and start setting a bidding date! Our attorney told us to wait till the end of the week and see what happens but at this point I am getting frustrated and would rather start all over again...our current rental lease expires mid Sept.
Colon, do you know which bank is approving the short sale?
Anyone have any experience on how long it takes with Wells Fargo?
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