I had put an offer to buy a short sale home since feburary 2009 How long it takes to get short sale approved ?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 02-04-2010-05-2008
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Its been already about 7 months since I have made an offer to buy a house in short sale The selling agent keep saying the lenders are taking time , they dont update me of any status . I have an exclusive buyers contract and Iam the higgest bidder ? I there any way I can push this sale faster or send any kind of court or lawer notice to lenders to tell them to make decesion on the property ? how much time I have to wait ?: is there a limit to wait for answer ?
the house is in california
I still want the house the original price came in the market was 325k i offered 310k
can i send any lawyer notice to bank to speed up process or any other way to speed up process ?
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Do you still want the house?
If you offer didn’t specify a time frame, you are obligated for a reasonable period of time. Often times, this can be 30 days more or less.
Seems like you are being jerked around by the bank or real estate agent. I’d sent a letter that your offer is no longer valid and you may entertain making another.
Did you know that you can make an offer that is good for 48 hours. The bank will never get to it that fast. If they like it they will get back to you in 2-6 weeks, then you can take it or leave it.
The first answer saying you put a time limit would not do you any good. It will not speed up the bank- and you can pull out of this deal anytime you want.
The bank does not care if you buy or not. They are probably trying to find out if the seller is being honest about any other assets they may have in banks, if the house is selling for a good price, and if there is any other fraud involved in this transaction.
If there are two liens on this house the lien holders are probably arguing over who gets how much money out of the deal.
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There is no way you can speed this up. The bank has no legal responsiblity to agree to a short sale at all and no legal responsibility to even answer you at all. (actually it is the seller they would be answering, and the seller is probably wishing they would agree to your offer right away).