Short sales

[JonB]

Anyone have any experience with them? Put an offer in almost 5 months ago on a house. We offered almost full asking price I went in already pre approved for the mortage put $1,000 binder fee everything on my end is ready to go and spotless. We just keep getting the run around its always by the end of the week or end of the month we will have an answer. Then last month it was they put the house to a new negotiator and the bank needed 30 days, well tomorrow is 30 days and still nothing. My agent called the listing agent on friday and is still waiting to here back from her.

At this point I'm about ready to give up on this house. Only reason I have not yet is because the house has 90%(would prefer a bigger back yard but that's all its missing) of the things I want and is a great price. I also know that there are 2 other offers right behind mine at least there was 5months ago so if I walk that's it the house is gone. I am also in no hurry and that was part of the reason for looking at short sales in the first place plus there are not many home with everything that I am looking for in my price range that are not short sales, I'll admit I'm cheap and am trying to get a deal. I am just ready get in my own home but with this buyers market and no need to move quickly I hate to give up things I want just to get in a house. So I guess we will keep this offer open but on my week off next week I will start the hunt again.

[REVNORR82]

I am going thru the same shit right now. For the life of me I cannot figure out why it takes so long to say yes or no.

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[Zinergy]

I am not to sure why it would take so long once the approval to short sale is given the lender and or investor usually want to get it done asap. Only thing I can think of is that there are alot of rules and regs that go along with a short sale. The investor has to be notified of the offer, they then have to approve it. If its a government investor or federally funded one like GNMA, FNMA, FHLMC it takes them for freaking ever to give an answer on anything. There is a lot of work that goes on during a short sale that the buyer or seller does not see or know about.

[JonB]

I am going thru the same shit right now. For the life of me I cannot figure out why it takes so long to say yes or no.

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I don't get it either just give me a damn answer yes or no already. I realize that I am just one paper in a stack but damn really after 5 months you have not gotten to mine wtf! Its not like I low balled either I gave them a very fair offer. DAMN IT just give me an answer!

[JonB]

I am not to sure why it would take so long once the approval to short sale is given the lender and or investor usually want to get it done asap. Only thing I can think of is that there are alot of rules and regs that go along with a short sale. The investor has to be notified of the offer, they then have to approve it. If its a government investor or federally funded one like GNMA, FNMA, FHLMC it takes them for freaking ever to give an answer on anything. There is a lot of work that goes on during a short sale that the buyer or seller does not see or know about.

The approval has not been given that is the problem, from my understanding once approval is given we could easily be closing in 2 weeks to 30days as they like to just finish the deal and be done with it. My end is ready to go and seal the deal just waiting for them to approve it.