Consumption and Real Estate
I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?
Question : I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?
We put in an offer (1 of 5) for a home in Tampa, FL and it is in the early stages of Lis Pendens. It is a Short Sale, but the current owner signed off on our offer contract, and were informed that the Title Company has said we have the best offer, but the owner’s lender has to approve this. Our Realtor says that this may take up as much as 45 days. Should we keep looking, or are we almost there? Can someone else still make a better offer, even though we have a signed offer contract? I have my apartment lease until July 31st.
We did put a time limit, and it was last Sunday. We have that signed..but it probably does not hold much water anymore.
Wish there was a way to convince the bank to make a decision.
Thanks for the input, I’ll have to either do some legal sluthing or hire a real estate lawyer myself.
homes for sale in tampa fl
Best answer:
Answer by Wango138
If you have made an offer, you need to stop making offers on other properties. Otherwise, you could have two accepted offers, and you would be in trouble.
Short sales take a LONG time to get approved. Your agent should have prepared you for this. From everything you have said, you are in good shape. Relax.
You may want to see about extending your current apartment lease if need be.
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#2 written by Kim S 1 year ago
I wasn’t aware that I was bidding on a short sale… They accepted my offer on the 20th of February. We have yet to hear anything from the bank or the seller other than “we’re still waiting on a bank agent”. We finally told them yesterday that we were walking since our latest extension was due to expire today. I don’t think someone else can make an offer if you agree to wait on the bank. But from what my agent has learned from her “short sale” agent the banks will take their good old time getting to the short sales and I could end up waiting another 6 months.
I’m going to look at other houses this weekend seeing as I have to be out of my apartment in 3 months.
Yours may not end up this way, but it just might. I wish you all the best… That was my dream house and it kills me to walk away from it, but I’ve been waiting too long and don’t have another 6 months to wait.
PS – We did put in time limits, the banks don’t care about them.
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#3 written by PIE R SQUARED 1 year ago
Rule number ONE when you make a purchase offer is to put a time limit on it. Say 48 hours for the offer to be accepted or it is void.
Your agent should have advised you of this.
The house can be sold to anyone at a higher price if you still have an open offer.
ALSO, you can revoke any offer that has not been accepted. I suggest you do so NOW.
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#4 written by dizzydaddy 1 year ago
Short sales take’s a long time for the bank to get back on,right now the bank is flooded with short sale,
I do not know the laws in Flordia, but in California you can add a clause in the purchase aggrement to lets you back out if you find a home you like,also beware in California Law under certain curcumstances the buyer can get his home back up to two years after the sale,you best bet would consult with an Real Estate Attorney or check with Flordia’s Department of Real Estate at http://www.myflorida.com/dbpr/re/frec.html, I hope this helps - Comment Feed for this Post
We put our bid in on the house we want on Feb 4, we finally got an accepted offer on May 8. We are going FHA, because it requires less money down….we just ordered the appraisal yesterday so we sit and wait again.Hopefully everything will come out right. The sellers bank gave us a closing date of May 28, so hopefully after all this time it will work out.
Would I ever do a short sale again? Hmmmm, it would have to be a really great price. I’m ready to get off this emotional rollercoaster.
Good luck, and try to have patience