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There was another offer that they didn't ecept. it was a very low offer. The realtor said our offer was a good strong one. We are putting at least 40% down. I hope that they take that into consoderation. I just hate the waiting, and don't want the rates to go up. Thanks for any information!
Short Sales-
9 months is not true. Almost all of them close within 90 days. Most within 60 days. Many agents have taken the time to get the training and understand what needs to take place to get them done.
Foreclosures-These typically can close in 30-60 days. Every one I've done has been within that time frame unless it was a cash deal.
As I said, that was we were told by our representation which is why we were steered away from them. Maybe there is a longer wait with higher end homes. No one would have benefitted from lying to us. Since the short sale homes we were looking at would have made everyone involved more money then the one we actually bought.
Buggin I really hope you get your home. It is a great time to buy....
I would love for it to only take 90 days!!! I am currently on day 74 of waiting and I am being told to expect it to be probably another 60 days at a minimum!!!!
Remember also, the original loan most likely was sold on the secondary market. The holder of the note could be an investment group, foreign bank or a number of other financial institutions. The bank you are dealing with in the short sale might just have an agreement to service the loan, all of which adds to the short sale process and adds time. It's not a bad idea to keep looking at homes while waiting for a short sale offer to be accepted, there are a lot of good deals out there right now.
Sorry, was writting a very detailed post about short sales when it disappeared, so I must need to keep it shorter. The gist: You need to find out where the seller is in the short sale process. If they do not have a full short sale file and a name and phone number of the Negotiator at the bank servicing the loan, you could be way out from getting any kind of news about your offer. I can provide more details when I am on a better computer in a few days, but the important thing to note:
If you are hoping to take advantage of the $8,000 first time home buyer tax credit, you need to look for another house to buy, especially if you do not hear back by October 10th. You are butting to close to the November 31 deadline, and i would hate for you to miss out on $8,000 in cold hard cash. Be looking for back up houses to offer on if this is the case. If not, sit back and relax as it will be a journey....good luck.
BTW - depending on the bank (heaven help anyone who has countrywide), 9 months is realistic, and may be on the short side. Most banks are taking 60 days to even get a file assigned to set up and another 30-60 days to get an appraisal ordered. Not until then will they even look at an offer. If the offer looks good it goes to a management committee and that is going to be at a minimum another 2-6 weeks to find out if your offer was accepted. Unless the loan remains in a banks portfolio and they own it, you will be looking at way over 90 days to get a short sale through the entire process.
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