Back in March I talked about short sales and The Waiting Game. We were waiting for a response on my clients' offer to purchase a short sale property and at that time it was 27 days and counting. That number pales in the full extent of the wait!
My clients made their offer February 18th. Last week the seller got bank approval for the short sale...we got the purchase agreement yesterday...we are making progress!
The bank said their short sale approval was good for closing by July 18th...exactly 5 months after submitting the offer. After months of waiting we are suddenly in a flurry of activity...hopefully the inspection will not hold any big surprises, my buyers' financing with pull together quickly and we will be closing soon.
It's been a long wait, one which many buyers are not able to deal with because of leases or the sale of other property. My clients are fortunate to be in a position where they could wait...was it worth it? I'll keep you posted and let you know!
How exciting for them! I'm currently looking at short sales and I'm trying to remind myself that the process with take as soon as 1 month to as long as 5 months. It's crazy, isn't it? :)
Posted by: Susan | July 09, 2008 at 11:24 PM
It is crazy! My clients said people were telling them something must be wrong because it was taking so long, but it appears we will close. The maximum amount of time I have heard it take is six months!
Posted by: Sharlene Hensrud | July 10, 2008 at 06:35 AM