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* So we put in an offer about 10 days ago for a short sale property...We had no sense of urgency in moving so we were willing to wait.
Unfortunately we were just told that my husband's transfer to orange county would have a better probability of happening soon (rather than in a year) if we are in the process of moving or have already moved. If he isn't close... commute will be around 2 hours each way if we are still down here in NYC, he may cost them more in travel time but actually do less work because of all the travel time.......He needs to drive his car around for work, there's no working around that.*
We would like to at least be on contract by years end or possibly moving or already moved. If we wait say 6 weeks for an answer to our offer from the bank and then it gets turned down then we have to start all over and our "backups" probably will be long sold....Does anyone have any recent experience in how are short sales working lately? Is the process to canceling an offer pretty easy?
It would be sad to lose the deal buy sadly we are practical and realistic. If we can live in a 2br 870sq ft apartment we can make 1700 sq ft our own mini mansion (our backups) The short sale house has the master bath my hubs wants but An extra 500sq ft I'd hate to have to clean....
So will it be hard to cancel the offer =/ ?
We are informing our agent tomorrow but would love to know our chances
Your agent is the one to ask. If your contract has an "out" for short sales, then you are golden. We have a specific form to use for that in Idaho, that any intelligent agent includes with every short sale offer, you may or may not have something similar. If you don't have an out, then you will have to discuss options with your agent.
As for short sales, I think you are underestimating on your timing. You mentioned "if we wait 6 weeks for an answer to our offer from the bank", and very few of them are answering in 6 weeks. A few are, but most are still about double that. And then it can still take months longer after that, especially if these are any junior liens.
Given the time frame you want, you are right that you need to buy something that isn't a short sale.
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