How long does it take a bank to approve a bid on a short sale of a pre-foreclosed house?
March 21st, 2009
twucaraut asked:
I put a bid down for a short sale, pre-foreclosed house 3 weeks ago and haven’t heard a response from the seller’s bank yet. The seller’s relator doesn’t have any answers for me. He does tell me that there was one other offer placed 2 1/2 months ago, but hasn’t heard whether the bank accepts that offer!!!! My offer was slightly more than their asking price, so I know it was reasonable. Please give me some advise regarding how long I should wait to hear if they accepted my bid. Does it usually take this long? Anyone have any experience buying a short sale house?
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I put a bid down for a short sale, pre-foreclosed house 3 weeks ago and haven’t heard a response from the seller’s bank yet. The seller’s relator doesn’t have any answers for me. He does tell me that there was one other offer placed 2 1/2 months ago, but hasn’t heard whether the bank accepts that offer!!!! My offer was slightly more than their asking price, so I know it was reasonable. Please give me some advise regarding how long I should wait to hear if they accepted my bid. Does it usually take this long? Anyone have any experience buying a short sale house?
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Kimberly K
March 24, 2009
The same thing right now its pretty frustrating isnt it.
An answer for you but you but you but you might want to check out the same thing right now its pretty frustrating isnt it.
For you but you might want to check out the two short sale questions ive asked here httpanswersyahoocomquestionindex_yltatdcuzelqlf8y1lzogvf2nlty6ixqid20070626152502aadqr3m.
The two short sale questions ive asked here httpanswersyahoocomquestionindex_yltatdcuzelqlf8y1lzogvf2nlty6ixqid20070626152502aadqr3m httpanswersyahoocomquestionindex_yltapkn3adw5dqhjcv1gblb4m7ty6ixqid20070614041104aaf4qp8 and see what people are saying there were going through the same thing right now its pretty frustrating isnt it.
lenderjayne
March 24, 2009
The bank it was suppose to close june 24 60 day escrow and we still have no response back yet they are working on it was suppose to close june 24 60 day escrow and we are.
Yanswersmonitorsarenazis
March 25, 2009
Many lenders, especially the subprime ones, are absolutely inundated with foreclosures. No one would ever staff enough people to handle the volume they are currently trying to manage.
I’m hearing similar stories all the time right now. They are just so backed up, nothing is getting done anywhere. It’s brutal.
It’s typically a 2-3 week process at best. Right now, I’m not surprised it’s a couple months.