Saturday, May 9, 2009

How long should I wait for a Short Sale


Here's a question that comes up frequently with regard to purchasing "Short Sale" properties:
"We have a signed purchase agreement to purchase a property from the bank..."

"it has been over 60 days I have not heard anything yet :( so far..the seller's agent was suppose to hear something a week ago..but no news yet..I am wondering if I should bail..we have to keep changing the close date :(..and also what if the condo going into foreclosure while I am waiting what will happen then?"


You got further than a lot of people. Banks often take a long time just to repond to an offer. I discourage buyers from getting involved with short sales at all because what you are going through is common.
Don't assume that banks will behave logically or even in their own best interest. If this is the only house you are interested in and you have all of the time in the world you could wait and see what happens. Otherwise I would move on(assuming you are not legally bound by your contract) and avoid anything that is a short sale in the future.
Typically when a property is foreclosed in Minnesota tha bank hast to wait for the six month redemption period before they can sell the property. In some cases, if the property has been abandoned, the bank can get this time period accelerated, but other times banks seem to forget a property exists and it can just sit for over a year before anything happens.

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