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So DH and I have been waiting on a townhouse we put a contract on since June and I know the process takes a while, but I just want to be in our house already! Does anyone here have experience with the short sale process? I'm just wondering what the average wait time is. I would love to hear from someone that has already been through the process.
Thanks girls!
Re: short sale anyone?
Shorts sales can be a major pain in the @ss. The average wait to hear a response from the bank can be around 6 months and this doesn't not guarnatee they will accept the offer. That is why it is always best to look for short sales that have already been bank approved. This way all the waiting is done and all you are waiting on is to see if they accept your offer. I have learned that prior to looking at a shortslae one should always ask "has the short sale price already been bank approved". Like Yocy, I suggest you check out the home boards. I have also learned a great deal form the money matters board as well. Hope this helps
Good Luck!
Vaaaaanne!
When we put an offer in for a short sale, we heard it would take 4-6 months. I have actually heard that from a few realtors.
GL, I hope it goes by quickly!
Ditto the pp's.
We just made an offer on a short sale last week. It was accepted by the seller and now we're waiting to hear back from the bank. I'm not sure if you're realtor did this, but ours put a clause in the offer which basically states that we're not tied to the contract if the bank does not reply within X days. That way, we can make another offer without having to wait the months it takes to hear back from the bank with a short sale.
HTH
Thank girls!
Jenny- I'm dying to get the place..Citi bank is being a pain. It seems like everything with them takes 48-72 hrs..even to fax a paper...ugh!!