The realtor said “rather quickly.” I’d like to know in terms of days/weeks what quickly means. Talking about an actual foreclosure, not short sale.

In addition, do banks ever counter, or is it always just accept or reject?

According to my realtor, the offer “has been qued as a short sale to the bank and someone has been assigned to the file. Now they are ordering a BPO, which is home values for that area. And once that is processed than we should see an approval.” How long will this take before the offer is approved after this?

I am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?

We put in an offer on a short sale home. The bank (Wachovia) came back after only a month and counter offered 20K more.
We originally asked for 3% seller help but they didn’t mention this is the counter.

Once we accept this offer, we are already pre Approved and ready, how long does it take to close at this point?

Thanks!

How long does it take when the property is a short sale? The owner approved the offer, but what about the bank? How long does it take? I’m trying to get an estimate. Thanks
Well it makes sense that the banks should accept any offer because once it goes into foreclosure, they might even have to lower the price even more? So I don’t understand what the bank has to gain/lose..it’s on the road to foreclosure anyway!!

Our offer was accepted almost a week ago, now Im just waiting. My Lender is bank of america once the owner accepted our offer on 4/16/10 BOA said they would not due the appraisal until the bank accepted the offer. On 4/29/10 $530.00 came out of my checkings, I called for the report several times and the loan processor has not called me back. My realtor just called me on sun 5/16/10 stating the bank finally approved the loan. This is a short sale home and Im so lost and stressed. How much longer anyone?

My husband and I put in an offer for a home that was listed as a short sale. The home has been on the market for over a year. The original asking price was $175k, but is now listed as $142k. Our realtor was told that since all the paperwork was sent to bank by the seller, that our offer would go through rather quickly, but she advised us to put a deadline clause in our offer.

I’ve read different opinions on how long this process takes with the bank and since we’re down to the last week of our deadline, am concerned that we won’t have an answer yet.

We put an offer on a short sale home. After a few months the bank and I went back and forth for a price and finally we came to an agreement. Now the investors need to approve it. How long does this take, what are the chances they will accept the offer? It has been almost three weeks and the closing date is in 11 days. Do I need to change the closing date?

My husband and i just placed a bid on a short sale house, generally speaking how long will it take for the bank to tell us they have accepted our bid? I have read any where from 30 days-3 months. My realtor is saying 2-3 weeks, which seems a bit soon even in FL. Tips for short sales are welcome as well! Thanks,

My husband and I are first time home buyers. We are wondering how long are short sales taking?