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Vegas is the "hot zone" of short sales. In many other parts of country the lenders have a whole different pace. In some regions the lender may actively be dragging their feet knowing that there is no reason to allow a borrower off the hook if there are signs of price / sales volume picking up.
As to OP's question, I cannot fathom how a short sale could happen in less than one calendar month, and even 45 working days would be quite an accomplishment.
you should always ask the agent to put in a clause in the offer contract that if the bank still has not responded after 60 days, you reserve the right to withdraw your offer.
Most agents will let you withdraw without problems by working witht the bank, but there are always a few scums who will try to take your offer deposit.
The last thing you want is getting stuck in the void for 6+ months waiting to hear back from the bank.
Yes, we put the offer back in early Feb. But the selling agent lets say is just lazy and we don't think the short sale package went off to bank until first week of March. The seller spoke to the bank at the end of April and were told they would hear by the end of the week. That came and went. Bank then gave them a date they'd hear by the lastest....that came and went. A week has gone by that deadline and not the sellers or the agent can reach anyone at the bank.
It's just getting a little out of control. We're on week # 3 living @ an extended stay with our stuff in storage. We've debated on looking again, but in our market here in FL every listing in our area is a SHORT SALE so why start all over again....
Yes, we put the offer back in early Feb. But the selling agent lets say is just lazy and we don't think the short sale package went off to bank until first week of March. The seller spoke to the bank at the end of April and were told they would hear by the end of the week. That came and went. Bank then gave them a date they'd hear by the lastest....that came and went. A week has gone by that deadline and not the sellers or the agent can reach anyone at the bank.
It's just getting a little out of control. We're on week # 3 living @ an extended stay with our stuff in storage. We've debated on looking again, but in our market here in FL every listing in our area is a SHORT SALE so why start all over again....
This really is typical. My brother-in-law has been dealing with something similar since the beginning of January. People really aren't kidding when they say that these can take a long time. The only reason he is willing to deal with it is because it is for an investment property, not his primary residence.
They are a pain. Like EIUGrad stated, there is a very large number of SS's in our area with some not even listed as shorts, so then you find out that they are after you have your agent check on them.
I have heard this could or could not work. we've heard of buyers just threatening to walk away. This happend to one of my sister's friends and sure enough they found out by the end of the week. The problem with this lately is NO ONE can get a hold of the bank and they used to be able to get ahold of them like magic before. Do you think the bank may be ignoring them because they know they've screwed up. They've given the sellers two dates already they should know by and it has come and gone. So what do we do? lol
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