Short Sale Accepted By Seller / Time Fame Allowance
We have place an offer on a short sale which was accepted by the seller, we have given the lender, Chase, a (30) day time period to respond. The house has had no other offers and has been on the market for over (5) months. Our offer is for all cash which represents 81% of amount owed by seller, with no contingencies and (21) days to close escrow. Question: Is is likely that the bank (Chase) will respond within the requested (30) day period? What are the chances of this going thru? Or what are the chances we will get a counter? Thank you for your professional advice.
Hi Sam~
It seems that the average time to complete a short sale usually runs in the three-to-five month range. Have seen a few that were a little less, but never in 30 days - even when the bank was the investor. You probably won't get a counter; just a verbal yes or no.
Best of luck!
Chris Aldridge
RE/MAX Equity Group
Lake Oswego, OR
http://www.ChrisAldridge.com
I have never heard of any bank approving a short sale in such a short amount of time. I doubt you will get a counter offer, they will probably just say yes or no. Sometimes banks will keep you hanging on for months and then say no. Good luck!
Is Chase the lender or the Servicing company? If they are servicer of the loan, it's the investor that has to ok the deal, in any case they will most likely wait to the last moment to reply to it, they have thousands of these and they take there time. Good Luck.
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