Hello! So my husband and I found a house that we LOVE it was listed at 160,000 so we offered 150,000 and asked for 5,000 towards closing the seller accepted. Our $2,000 deposit was cashed and we were offically in escrow, well we were waiting for the approval from the bank, which we were told would be easy, well thirty days later the bank did not approve our offer and they counter offered at 195,000...we said NO WAY....we countered at 165,000 no closing, this we felt was a fair price. Our agent said the bank was firm, but we could try. The bank lowered their price to 180,000 we countered at 170,000 and we said that was our best and final. The bank said 175,000. We said. No Thankyou (unlike them, when we say this is our best and final we meant it, the house needs work and this is where we were comfortable)we really were out of our league too...we really wanted to be at 165,000 or less, so we were already pushing it by asking 170,000. We don't want to be house poor and we are a one income family so we need to stay within our means. The bank then said ok what about 173,500. (I know its only 3,500 more, but we couldn't) so we said No, again and told our agent to close escrow. Then our agent came back and said this was the banks final bottom line 171,000. So we accepted the offer. ($1,000 was something we could live with)So we are still in escrow, now our lender is ready he has all our paper work, he says he can get us closed in 45 days or less, but we are waiting for the bank to send over the final signed contract, it has been about 3 weeks since we have come to the agreement of 171,000. How long does this take? I ask our agent and she says be patient, and never answers my questions and when she does answer my questions she tells me something that is not accurate. Like when she told us "if the bank says 195,000 then they are not going to budge." well guess what they did they budge $24,000. If any of you are experienced in short sales, can you explain to me what I am in for? What is the process? How long does the lender take to sign the final approval letter? Thanks in advance. Wish me luck. Oh, we live in California...if that matters. I want to email the selling agent, and ask her questions but I don't want to be rude, or out of line...so hopefully you ladies can help.Answer Question
Answer by Anonymous at 4:54 PM on May. 5, 2011
Answer by ImaginationMama at 5:07 PM on May. 5, 2011
Answer by miss_lisa at 6:24 PM on May. 5, 2011
Answer by voni681 at 6:39 PM on May. 5, 2011
Answer by mommy2joeynabby at 7:45 PM on May. 5, 2011
Answer by Mom-2-3-Girlz at 9:39 PM on May. 5, 2011
"well we were waiting for the approval from the bank, which we were told would be easy"
I don't know who told you that, but they couldn't have been more wrong. Short sales are anything but easy and quick, which you are now finding out. Whoever told you it would be easy, I would fire immediately. They obviously have no idea how short sales work.
Answer by Candi1024 at 9:54 AM on May. 6, 2011