Has anyone ever bought a short sale?

I know that our realtor said it could take several months to hear if the bank approved us, but I was just curious to hear real experiences of how long it took.

Thanks!

Re: Has anyone ever bought a short sale?

I didn't buy a Short Sale but I work for an attorney and we do alot of short sales. And the R/E is correct it can take a few months to see if the bank will accept the offer. It is very frustrating I can't even imagine being the purchaser. But if you think your getting a good deal it may be worth the wait. Good luck to you

Re: Has anyone ever bought a short sale?

Thanks, we don't want to move until May at the earliest, and put in the offer on Sunday.

It's a great deal though!

Re: Has anyone ever bought a short sale?

We put in an offer in Sept for full asking on a short sale, lost it to a full cash offer, and lately our REA checked and they still haven't closed! It's not on MLS anymore, but I guess it's been with the bank for all these months.

Re: Has anyone ever bought a short sale?

I didn't end up going through with it but the first house I put an offer on was a short sale. We gave them two weeks to respond in the contract and our offer was accepted within those two weeks.

I hear that's pretty incredible considering most average a 60-90 day feedback.

We ended up not going through with it because after the inspection we learned the house needed way more work than we wanted to put into it.

Good luck!!

Re: Has anyone ever bought a short sale?

We went to contract on a short sale in mid November and closed in February. Sure it was hard to wait... by Christmas, no by New Year's, no by Valentine's Day, no the end of Feb! But it was the house we wanted and we were not in a rush to leave where we were. It will soon be a year that we're here and I love our house and would do it again in a heartbeat!

Good luck!