short sale

Foreclosures, Short Sales, Tax Foreclosures
1

My husband and I put an offer on a home two weeks ago that is a short sale. At the time, we did not know anything about this process. It is listed by an agent on HAR.com and the listing price is 95000. We offered 90000.
What are we looking at as far as how long the bank will approve an offer? There are two other offers as well, and the listing agent said the bank is waiting on a BPO.
We are wanting this house as a primary residence, we are not looking to make money. This will be our first home purchase. Should we pull out of this and look for another home or wait it out? I also have been reading about SS packets and speaking with the lender. As far as I know, our agent had us sign papers that you would do in a regular home purchase. Have we gone about this the wrong way? Please give me some insight on what we are getting into.

Thanks.

2

You should be signing normal real estate contract papers, especially since its listed with an agent.

Curious as to how you are speaking to the lender? Are you dealing with the listing agent or your own agent? Do you know if the agent is experienced in these type transactions?

3

The listing agent is the one directly in contact with the lender.
Our agent stays in contact with her everyday to follow up. Should our agent be in contact with the bank instead?

I know our agent isn’t very familiar with SS, but I’m not sure about the listing agent.

Thanks for responding.