Question: Short Sale turnaround time

Newbie Question

General Question: How long from the time an offer is submitted to a bank (on a preforeclosure)is a typical turnaround time for the bank to notify a potential buyer whether or not the offer has been accepted?

I know this varies, but what are some estimates on the turnaround time. Offer was faxed to bank on August 8, 2005. The Closing date on offer is August 31,2005 (or within 7 days), if offer is accepted.

Thank you in advance for your replies-

If I’m understanding this question, you made an offer on a property that is a short sale, right? If so, we put an offer on a short sale property (4-plex) and it took a couple months before we knew the bank exepted.

The owners purchased the property for $380,000 and was asking $240,000, we offered $220,000 with 10% down. We really thought there would be a counter offer. Again, we waited a couple months to find out it was ours. The bank had to verify the owners assets. He did own other properties so it took time. That same property today is worth at least $765,000! You can read more about it in my blog below.

So if you already have an offer in, sit tight

Thank you for the reply Diane.

It hasnt even been two weeks since I submitted the offer and it seems like months.

Have a great weekend!

The thing you have to understand is that most loss mitigators, have hundreds and hundreds of files in their portfolio that they are responsible for. While you are working your one shortsale, they may be working several shortsales not to mention whatever else comes across their desk. Personally I have done some in 2 days. Others were several weeks or months. Depends on if you have all your paperwork together needed to make a decision, or if an appraisal needs to be ordered (10 day wait). Just call every other day to keep your file on top. If you can get they’re email address, that helps a lot. Emails get checked more frequently than voicemails, that’s just a fact.