Special offer

WHEW!! 2 And A Half Months Later, The Bank Accepted The Offer....

By
Industry Observer with No longer practicing real estate as of 2008.

Back in July, an agent in the Orlando area contacted us to see if we would co-broke a listing with them that was a short sale.  All we had to do was place the house in the MLS and put a sign in the yard.  We said sure, not a problem.  They were going to do all the negotiations with the bank, and all offers went directly to them.  Couldn't get any easier than that, huh?

Well we finally got an offer on the house the first week of November.  It took the bank until Friday January 19th to let us know that they had accepted the offer.  Roughly, 2 and a half months later!  The only hitch?  The buyers had to be willing to close by the 28th of this month!  HOLY CRAP!  10 days?!?  Well, luckily the buyers had still moved forward with the loan process as much as they could and then just put things on hold until they heard back on whether or not the bank had accepted the offer, so they are still able to close by the 28th!!  YAY!!

The sellers had a first and second mortgage on the house, so it had to go through both of those before we could get an answer.

What has been the longest you have ever had to wait on an answer back from a bank on a short sale?

Comments(8)

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
I haven't done any myself.  But that long seems extensive.
Jan 21, 2008 01:09 AM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re
2 1/2 months is just ridiculous I hear these stories and it makes me not want to work with the banks some day they will wake up and realize the buyer will not wait.
Jan 21, 2008 01:09 AM
Endea Thibodeaux
Lanham, MD
Solar Energy Consultant, CDPE, CLHMS

I just love these Bank deals.  Hurry up and wait!  No Hurry up. So what if you waited for me for 2 months! I had one with 4 offers and all of the Buyers pulled out!

Jan 21, 2008 01:12 AM
Dave Jones
Dave Jones Realty, llc. - Prospect, CT
Broker/Owner - e-PRO Dave Jones Realty llc Prospec

We closed a short sale in July.  The offer was made the last week of May.  It was almost exactly 6 weeks to get it approved, and the same thing happened.  They had to close within 2 weeks.  Very hectic situation but it ended up working for everyone.

 

Jan 21, 2008 01:14 AM
Kim Wilbourn
Kim Wilbourn Realty - Scottsboro, AL
Your Local Alabama REALTOR
I have not done any short sales, but my friend done one, and it was the same way 2 months. It also had 2 mortgages, and it still didn't even go through. When the termite inspection was done it had to be treated and they wanted the buyer to pay for it.
Jan 21, 2008 01:15 AM
Becky Troutt
No longer practicing real estate as of 2008. - Bradenton, FL

I don't know why the banks drag their feet so much on these deals.  Why does it take so long?  Many buyers just get fed up and walk away and withdraw their offer, cuz they are sick and tired of waiting.

Jan 23, 2008 12:16 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!
don't you think banks/lenders make lousy sellers and clients in general?
Jan 26, 2008 10:46 PM
Becky Troutt
No longer practicing real estate as of 2008. - Bradenton, FL
Yes they do!!
Jan 27, 2008 01:15 AM