If we had an offer waiting approval on short sale since 6/14 and no word, missed closing date, what happens?

Question

can i put an offer in on another house?

Answer 1

More often not the lender or the under righter has and additional item(s) that need to be resolved before they will approve a closing date.

Check with your agent or get an attorney.

Real estate broker.

Answer 2

Just one reason why I hate short sales and pretty much won't bid on them no matter how good the deal is (with a few exceptions).  Anyhow, banks are really slow and unpredictable.  They could call you up tomorrow and say they have approved the deal, but more likely they either won't get back to you any time soon, or will get back to you and say they want more money and other concessions.  

My advice is, its unlikely this deal will work out and you've already wasted a month on it.  Rescind the offer and release the contract and move on to something else (not a short sale).  If this is really a great deal and you are willing to give a fair amount more on the price (because when the bank finally does get back to you I'll bet they will want more money) you could just keep waiting for an answer - they should give you one eventually (but no guarantees) - but bear in mind that you may have months more aggravation ahead of you (and may still find out at the closing table that the bank wants to much money which kills the deal).

PS - If you do decide to kill the contract but really still want to do it, you could tell them they have 48 hours to give you an answer or its dead.  This may get them to finally get back to you, but they are so slow and lumbering that they may just ignore (or not even notice) the deadline.  Still, its worth a shot.

Answer 3

If it's been a month since the bank was presented with your short sale offer, chances of bank approval are now rather slim.  I'd venture that they are waiting to see if another more acceptable offer turns up.