Buying A Henderson Home: How Long Should I Wait On A Short Sale?

Buying A Henderson Home: How Long Should I Wait On A Short Sale?

If you're looking at homes in Henderson Nevada today, chances are good you will see a lot of short sales. Out of 1,906 single family homes on the market, 922 (48.4%) are short sales. While their list prices may look attractive, don't forget that your offer is subject to approval by the short sale negotiatior ... and that can take months.

How long should you wait when buying a Henderson short sale? That's an individual buyer's decision, but it's normally a minimum of 45 days. Along with your offer, we submit a Short Sale Addendum which includes this language:

"Buyer may cancel the Purchase Agreement for any reason and without penalty any time after 45 days from Acceptance if Lender Approval has not been received. Upon Buyer's cancellation, Seller agrees to execute cancellation instructions with Escrow Holder and return EMD (Earnest Money Deposit) to Buyer."

So once your offer is accepted, you're giving the short sale negotiator up to 45 days to respond. On day 46, you can execute your right to cancel the agreement or continue to wait. It all depends on how much you want that particular home.