How long does it take a bank to approve a bid on a short sale of a pre-foreclosed house?
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?
- 1 decade agoFavorite Answer
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.Source(s): 10 years in mortgage banking
- 4 years ago
I also have a bid in on a short sale and am waiting to hear. it is basically up to the seller's realtor to really push the offer through and if they're not experienced in short sales it can be a long process. Anywhere from a month to 9 months is not out of the realm of possibility. I've even heard of ppl waiting for a year! If I were you I'd have other options available. The loan won't take nearly as long, maybe 2 weeks if you've already been pre approved. I would recommend seeing if you can get a 30 day rider on your current apartment.
- 1 decade ago
I currently have a client that we are waiting on a short sale ok from the bank. It was suppose to close June 24 (60 day escrow) and we still have no response back yet. They keep telling the agent they are working on it. So I guess I'll let you know when we finally get an answer....Source(s): 22 years lending experience
- 1 decade ago
I wish I had an answer for you but you might want to check out the two short sale questions I've asked here...
and see what people are saying there. We're going through the same thing right now. Its pretty frustrating, isn't it?