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We have a short sale under contract. It's been three weeks and of course I know it could take forever to go through. I was hoping it would go through quick but our agent said she hasn't heard much. We really like this house though because it's pretty large, in a great neighborhood, and priced well below many other houses in the area.
My question is, should we continue looking at other homes in the meanwhile? I want to ask my agent to see some other homes that are not short sales, because I would hate to wait for months and have the bank to deny our request. Should we keep our eyes open for a better deal that could go through faster?
Always keep looking when you have a short sale contract. There is no guarantee that the bank will accept your offer or even agree to the short sale and it may take months to find that out. I just closed a short sale last week that has been under contract since the first week of March. The bank demanded $10,000 more than the original contract after we had waited for six months and the buyer had to pay it if he wanted that property.
I would keep looking. Short sales can take forever and then be declined in the end. If you are looking for a fairly rapid settlement I would consider moving on.
I'd advise anyone looking for a house, short sale or not, to always keep looking. I would also never put money down without a rider of deadline dates for a full refund. Many have said this is not possible but I've always done it this way.
First, look at your paperwork you signed. Do you have a legal out, for any reason, up until you received bank approval, or is your EM already at risk if you back out. Hopefully, your agent or your state's contract protected you and gave you the ability to walk away at any time up until 3rd party creditor approval. If so, I would definitely keep your eyes open, and even keep actively looking at properties.
We have had short sales close in as little as 3 weeks, and we have one still going right now that is at 18 months (first 2 buyers walked away, then the lender sold the loan twice, then seller filed bankruptcy).
We are in the final week (literally less than 7 days for keys in hand) on our short sale before closing. We were still looking at houses up until the earnest money was given a couple days ago. We are an all cash offer with the foreclosure date pushed back now twice and it still was never a done deal. Our Realtor had no issues with continuing to look.
I can understand the dilemma, as we do not believe we have the house now until we have the keys and can open the doors.
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