How long would you wait to hear back on a short sale? What would you do?

Question

My husband and I put an offer 3 months ago on a house being sold as a short sale.

The asking price was 185k, we offfered 180k with the seller crediting us 5%

( 3% for the downpayment and the 2% towards closeing)

my realtor told me he keeps calling the seller bank every week and they tell him the bank is behind right now. My husband and I really love this house and still want it we have been waiting for 3 months now. The seller accept the offer and the has been no other offers on the house what should we do? The status of the house is contingent. we also summit are pre-approval with the offer.

Answer 1

I work for a bank in the Loss Mitigation dept. I know we are behind! Question do you know what bank the seller have their loan with? Normal turn around time is 90 days but with the current market so many short sales are being filed its hard to keep up. But I can tell you this if you really like the house wait it out!! Because in the long run your going to be the one who is getting the deal on the house!!