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We have a contract on a short sale, but have not heard back from the bank yet and the listing agent told us it's gonna be a few more weeks. We get anxious and want to see what else is out there, mainly going to open houses. I just want to know what others do in this situation: just wait patiently for the bank or keep actively looking for other properties?
Some keep looking at other houses, others do not. In our case, we did not look at any other houses at all. I talked with our realtor about this and his thoughts. He completely left it up to us. He had clients that would continue to look at other houses just in case. In a couple of cases, they did find another house. Most of the time he said they stick with what they have. He said it was about 50/50 whether clients still looked at other houses.
I think it depends on your situation. We were in no hurry and in fact a closing later rather than sooner worked for us.
We were also looking from out of state so couldn't run look at everything new that came on the market.
So, we kept our eye on new properties or older ones with price cuts, but we didn't go look at anything else because nothing else beat the value of the short sale we were waiting on.
But, we also didn't just sit and wait. We bugged our realtor to find out what was happening along the way. Towards the end when someone(bank, owner, realtor.....who knows) started with some mickey mouse stuff we had our realtor tell them we were losing confidence in the property and unwilling to wait past a certain date. Whether that got them moving or the timing was just coincidental, shortly after we had a deal.
Short sales can take a while. On traditional sales, I stop the automatic listings I send to clients. On shorts sales, I ask clients if they want to continue to receive listing alerts. The short sale process has been getting a lot better these days, but patience is the key and your circumstances could require that you can't be patient anymore. There is a chance it could fall apart, so it's not bad to keep you eye out for other opportunities.
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