I am having a really hard time buying a house. After a few weeks of trying by myself to buy a home. I have come to realize that I REALLY need an agent. I have a month to buy a home and have come across the “short sale” which can take up to 3 months. I have been approved for 200k. I want a townhouse and it seems like all the homes I can afford are way out of town. At the same time I see hundreds of homes in short sale and foreclosures. Here are my questions hopefully you can help me out.

1) If I make an offer 5k-10k higher than asking price on short sale, will the accept faster or will it still take the same amount of time?
2) If I go with bank owned/REO should I have a realtor and also what is the wait time on the approval.
3) What is the best way in going about buying a home in foreclosure/bank owned/short sale?

We put an offer on an approved short sale 45 days ago. Apparently both of the banks (1st and 2nd) looked at our offer and put it in an “escalated file”.
Does anyone know what that term means and how long does it usually take for an offer to be approved from that point?

Thanks in advance.
We put an offer on an approved short sale 45 days ago. Apparently both of the banks (1st and 2nd) looked at our offer and put it in an “escalated file”.
Does anyone know what that term means and how long does it usually take for an offer to be approved from that point?

Just a couple of things: Reason for short sale- owners had to relocate out of state due to job. They are still making payments and are not in default. Our offer was 2k above list, the home is currently “on hold” and not being shown and ours is the ONLY offer.
Just a couple of things: Reason for short sale- owners had to relocate out of state due to job. They are still making payments and are not in default. Our offer was 2k above list, the home is currently “on hold” and not being shown and ours is the ONLY offer.