My husband and I just put in an offer on a short sale. Our agent told us that the offer was accepted by the seller but we have to wait for the bank to approve it. How long should we expect to wait until we can close on this house?
Sincerely,
Ready to Move
Dear Ready,
Congratulations on getting an accepted contract! A short sale can take anywhere from 2-4 months to get approved. There are a few questions you can request that your agent ask the listing agent in order to get a better idea how long of a wait you are in for.
- How many lenders does the seller have? If there are two lenders this means two approvals which will take about twice as long.
- Has the seller submitted the paperwork to the lender? If the seller has not submitted the paperwork yet it may add additional time for the approval.
- Which mortgage company is the seller working with? Some mortgage companies post their timeline on their website.
This is not an all encompassing list of questions but just getting answers to these three will give you an idea of how knowledgeable and responsive the listing agent is and you can gauge the time line from there.
You may also want to ask your agent to request weekly updates from the listing agent. You may get a few updates of "nothing happened this week". Do not get discouraged, this is not unusual.
You may also want to ask your agent to request weekly updates from the listing agent. You may get a few updates of "nothing happened this week". Do not get discouraged, this is not unusual.
Good luck with your short sale and remember that your patience will pay off!
-Debi
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