Short Sale vent

This is becoming so frustrating and I know it's only the beginning!

We put an offer on a short sale a few weeks ago. Listing price was $299,900 we offered $234,000. The bank never responded (probably because we low-balled it) so on Wednesday of last week we spoke to both our realtor, the bank, and the listing agent and put in a new offer for $262,000. The listing agent (who spoke to the bank) said that we were very close and she would be surprised if the bank didnt come back with either a yes or a counter.

Well, its now Monday and still no word at all from the bank. I know with short sales it can be a while before you hear anything, but there have been no other offers on this place, its been on the market for over 300 days, and the bank is supposidely itching to get rid of it. Plus, there was a clause in the binder that stated they had 10 days to get back to us...so I guess I just would have thought they would be more pro-active.

It is an approved Short Sale, so the bank doesn't need to go through all the work of approving it first. This should be short and sweet but not so far. I guess I'm just frustrated and impatient

Re: Short Sale vent

Banks don't itch to get rid of properties they itch to make as much money as possible

Honestly, it will take time because they are dealing with alot of properties at once. They get to it when they get to it. That is why a short sale can be such a pain!

Hopefully you will hear soon and it will be the answer you want.

Re: Short Sale vent

Good luck!! We offered below list price on a SS and the bank counter offered over 30 grand above list price. They clearly rejected our offer and we were just so annoyed by the whole process we wanted to withdraw entirely. The bank turned around and said they had x number of days to "consider" our offer. The mortgage wound up being sold to another bank so right before our contract expired.

I agree with the banks wanting to get as much money as possible. Our experience has been they don't care how long it sits there and short sale approved means diddly squat.

Re: Short Sale vent

We did a short sale - it was a nightmare to purchase, and the bank was achingly slow. But, in the end, we got an amazing house, in an amazing area, for well below market.

Hang in there... these things take time and a lot of red tape.