they will put the property back on the market because they think they can get more for it even though we offered $50,000 over the list price. My lender is telling me it takes an average of 5-6 weeks to close and can’t guarantee that we can close that quickly.

If we aren’t able to close is it likely they will just put it back on the market rather than give us an extra week to close?
Our lender would not accept all of our documents to fully approve us until we had a final approval from the seller’s lender so we are sending them on Monday.

If it makes a difference, there are 2 lenders (a home equity second) and this is a single family residence (no HOA) with a market value of around $850,000 (do banks, as they should, prioritize the more expensive properties/larger loans sizes?). Thanks for any personal experiences or knowledge or a pointer to any relevant, recent news reporting.

I have placed an offer on a Short Sale that has been on the market for 194 days…so just a little over 6 months. I was told that the price had been approved by the bank and that it wouldn’t take long to close…well I offered 2k less than the asking price and the owners accepted and I am guessing that the bank will accept…I was told that it could take about 3-4weeks to hear from the bank. My question is: If the bank accepts the offer…how long doe it usually take to close??? If they accept the offer I know that I have to get an inspection and an appraisal, and I am just wondering how long it will be before I close once the inspection and appraisal are complete….does an appraisal involve a long process? My goal is to have my keys by June 1st.

I offered the exact asking price listed. Hoever, what are the chances of the bank accepting this offer? Are my chances higher if the home is already empty? Please let me know thanks!

I put an offer on a short sale that’s been on the market for 200+ days. Its been active all this time and never went to contract. I check the MRIS listing everyday to see any updates. This morning it says “contract” for the status and the bottom says the “Sold Information” has a closing date of November 30 and its my offer as it has my agents company under the agency. Does this mean the bank approved it?

I understand the bank can take months to accept/counter-bid your offer. But after a price is accepted, is the process expedited in generally the same amount of time of a non-forclosure?

My husband and I put an offer on a short sale home that was already approved. From my understanding (correct me please if I am wrong), if it is an APPROVED short sale that means the bank already approved it at the listing price. So from what I’ve been signing in the papers, I’m not working with the actual sellers of the place. Because where I’m signing it has the names of the actually sellers, not the bank. So how long does it usually take with an approved short sale? Its been on the market for over 3 months…no offers have been submitted at all. We’re the first. My agent is pretty optimistic and say that we should hear soon, and close by the end of July…when he says close, does he mean close of escrow?
I’m going to talk to him later, but my husband has been doing all the yapping and I’m more of a visual person so thats why I’m writing her. Thanks!

(We’re in San Diego, CA)

SO far in the 2 month. The bank told us everything was good and should have know by yesterday but yesterday they said they going have it reappraised. It doesnt make sense because the people living in it now are not even paying for it, so they are living for free. I can wait like another month but not another 4??
The seller approved our bid, so do you think this will get approved??? Or should we withdrawal??
20 percent our offer 195,000 and the apprasial was 225,000.

What is the difference between an approved short sale compared to a non approved short sale if either way the request still has to go to the bank after the offer is made?