still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

ugh! i am so annoyed. We put an offer in on a short sale like over a month ago .. didnt hear anything back.
apparently we low balled them... so we submitted a new offer that they accepted about 2 weeks ago.

the wife signed the contract and is waiting for the husband to sign. apparently they are separated.
i am just so annoyed b.c this is a short sale, so i am prepared for the bank part to be the long process- not the signing of the contracts!!

if we get this house, it will be such a good deal but i am just so annoyed!

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

You can give a deadline but if you do - some people might take it the wrong way and you might loose the house
I think you should take to the lawyer and the realtor and have them see what they can do and explain your fears.
They might be able to jump in and rush things along - esp the realtor since they won't see payment until the close!!

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

yeah.. thats what makes me not want to give a deadline.
but seriously, how long am i supposed to wait for them to sign a piece of paper?!

i want to get the ball rolling already b/c this could take 6-9 months.
i am furious!

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

Sorry I know it can be frustrating - esp if you have no control over it
Unfotunately if they are seperated then it might be harder to get things done
I would def lean on the realtor for help My friend waited I believe almost 2 months to get her contracts signed - but it all worked out in the end
Good Luck to you

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

I wouldn't give a deadline if it was a house I really wanted, but I would stay on top of them. We waited about 1.5 months (!) from our accepted offer to the sellers to sign the contract, for various reasons, not due to us. Unfortunately, people have their own problems, agendas, timelines, issues, etc. I was furious too, but I realize it is just part of the game.

That being said, I would become pain in the a$$ and call every other day to make sure it gets signed.

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

we waited 3 months and they had our entire downpayment!!!

we were not allowed to put a deadline otherwise they refused to sign at all.

they were never open about what was going on but at the time they were waiting for CO's and didn't want to tell us. after 3 months we walked away and got our $ back. 2 months later we still hadn't found anything as perfect as that house so we talked to them and said 1 week to sign contracts back. it worked and its the house we have been living in for 8 months now!!

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

2 weeks isn't that long- but for a short sale it would raise a flag for me

1- are they both onboard with the short sale? the bank will be requesting paystubs, bank statements and tax returns from them- are they both going to "play ball"?

2- do you know how much they owe?

3- Is it one bank or 2?

knowing the answers to these questions will help you see if it's worth waiting 9 months for this house

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

this happened to us too so i know how you feel... the sellers of the house wanted to drag out the process and so they avoided signing the contract till about 2 weeks later after we signed and then they delayed the closing 3 months after...we kept calling our lawyer asking them to call their lawyer and there was always a hold up... if you have time and are willing to wait then see what happens if you really love this house..

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

wow! thank you for your responses! you all helped cool my engines.

i guess i will wait it out... nothing has come on the market that peaks our interest so might as well just wait.

Beth, i will shoot those questions over to my REA...

thank you all for your responses!

Re: still waiting for sellers to sign contracts, 2 weeks later.. should i give a deadline?

we bought a short sale and had a great experience...but previously we tried buying another short sale and it was TORTURE...

the reason the first one didn't work was mostly b/c there were two mortgages on the property held by two different banks...so we waited months for them to respond to the offer and than the two mortgages couldn't agree and we walked...it was a headache...

the other short sale went from offer to closing in 6 weeks or something like that - very fast and not typical of a short sale...

if you can hang in there it could be a great deal - but you are right, the long part is waiting on the bank(s) for approval....

good luck!!