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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Offer accepted!
By the sellers! We put in the offer saturday and the seller accepted our offer yesterday. But its a short sale and apparently it takes long time to close. According to the realtor the last people to put offeron the house gave up their offer because the bank never got back to them. We don't know how long they waited though. If you bought a short sale house, how long did it take to close?
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Re: Offer accepted!
I have heard all kinds of stories about short sales, from people not hearing from the bank for 9 months or more (or never), to going through the whole process in a couple of months.
I could be wrong, but I thought the government made it so that process was supposed to be quicker. Does your realtor have experience with short sales?
Yes, our realtor does have experience with this. He gave us a range of two to six months. Hopefully its sooner than later!
Thanks! You are so sweet!
Thanks ladies! I am being optimistic, hence the new ticker!
I sure hope it doesn't take longer than 6 months. I sure hope it doesn't happen in winter!
Good luck!
This is our exact situation. I could have written this! We put our offer in in Oct and we are just closing today. It has been a nightmare dealing with the bank...but we're getting a great house at a great price! I would be prepared to wait in upwards of 6 months. But if you can tough it out it is worth it!
Try to find out if the lending bank that has the short sale has experience with short sales. The first house that we put an offer on and were in contract on was a short sale, the owners weren't behind on payments and had always paid early, the property just wasn't worth what was owed anymore and they had to move because of work.
Our offer was accepted January 9th and we pulled the contract on April 29th (the contract technically expired because it required action by the 20th) the lending bank had NEVER done a short sale and they were requiring that the owners default on their loan. To default they had to miss two consecutive months payments and then the third month the bank would note that they defaulted. At that point they would begin the short sale package and it could be another 4 months after that. We ended up signing a contract for a new construction that was in a better location and closed 3 weeks after the new owners of our original house did.
I think had the lending bank had experience handling short sales than this would have been done a lot quicker.
We put in our offer in April of last year, and closed in December.
I suggest that you keep looking while you wait. Not only can they take a long time, but there are many many reasons that they can fall through. The seller may not actually qualify for a short sale, the bank could take too long to decide and the house may just go up for foreclosure auction instead. Our sellers decided to file for bankruptcy during the middle of everything, which drug it out even longer.
Just be patient, and remember that just because your'e under contract on a short sale, that doesn't mean you can't keep looking at other houses. If you have the time and the patience, it will probably work out, but don't get your heart set on it.