OfflineShort Sale" Approval of the seller's lenders(s) may be conditioned upon the gross commission being reduced. List price may not be sufficient to pay the total of all liens and costs of sale and sale of property at full listing price may require approval of the sellers lender(s). In the event of commission is reduced it will be apportioned equally between the listing broker and cooperating broker.how long will the short sale been approval, it's that okay to make offer and would it take long to close?
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Be happy and go healthy ^_^
Ling and/or Dustin
There is no set time on how long a short sale will take. If the short sale process is just getting started you will be looking at 2 monthes or longer to get a responce from the bank. If it is a short sale that already have a bank approved price on the property it will go much faster. There is no set amount of time a short sale will take. It is fine to make offers on them just understand the time it may take to get a reply on your offer.
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Thanks Eroberts that's great information, I will keep that in mind. ^_^ That answer my question for short sales. yay
Be happy and go healthy ^_^
Ling and/or Dustin
Short sales take much longer to settle. It's a slower process.
Typically, 60-90 days.
I am looking at 2 FULL duplexes that are a short sale due to owner's age/illness. I was really pumped up on the deal, did my due diligence, met the tenants, ready to make my offer, but now I'm a bit wary...and discouraged.
I did some research and found that they take longer because there isn't really a "Short Sales Department" at the banks like there are for Foreclosures...that's why papers get shuffled, this delay-that delay, and phone calls get stalled.
I also discovered that once the bank approves a purchase price...suddenly there are "multiple buyers interested"...hmm?
I was told to make sure I have an attorney for all short sales. I've read something about bank-hired professional negotiators or loss mitigators, as well...that sometimes the buyer pays for...(?)
If you have the patience and persistence to endure the wait, I suppose it may be worth it. Some buyers have success with them.
PS. I've read that if a buyer states his/her/their EMD (earnest money deposit) to specifically be NON-Refundable, it helps the bank believe you are a serious committed buyer.
I've heard some buyers' remorse about losing the EMD in a short sale, with an unaccepted offer. Could it be the bank is just collecting EMDs? To recoup their losses? Only to accept the highest bidder nonetheless? Hope not.
~Caveat Emptor!
PPS. ShortSaleJay would know more...maybe contact him.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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They can't keep the earnest money unless they accept your offer and you do not perform. (close) They can't accept some one elses offer and keep your earnest money. It is only non refundable if you have a signed, accepted contract, not just an offer.
If you are thinking of wholesaling the short sale, seasoning issues become the main obstacle.
Multiple offers/highest and best is standard procedure to get the highest offer. You can only offer what works. Don't get involved in a bidding war. Make your offer and on to the next.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site