Buying Short Sale House

[shanekm]

I'm trying to purchase a townhouse in Illinois - there are 2 lien holders/lenders that need to approve: Bank 5th 3rd bank (investors: Fannie and Cenlar)
Full story in chronological order:

November 5th
-agent sent in paperwork with our offer (accepted by the seller)

January 15
-bank comes back and wants 30K more, which we agree to + 5K more (based on selle's lawyer info - who is taking care of the short sale both lenders agreed on this price...because the whole time he kept saying that they are still waiting for the 2nd lender to respond, which they finally did)

February 10
A month later - they requested us (buyers) to send in the latest bank statements that we would use for the down payment and another mortgage pre-approval letter (as it's been 4 months at this point).

March 9
Update from seller's lawyer:
Waiting on Fannie to complete their review. Hope to have 1st lien approval by end next week. 2nd is slowly making its way thru the system. Cenlar is slow, but we are making progress.

How much longer is this going to take? on average. I know each situation is different.

Thanks
Shane

 

[quincy]

I'm trying to purchase a townhouse in Illinois - there are 2 lien holders/lenders that need to approve: Bank 5th 3rd bank (investors: Fannie and Cenlar)
Full story in chronological order:

November 5th
-agent sent in paperwork with our offer (accepted by the seller)

January 15
-bank comes back and wants 30K more, which we agree to + 5K more (based on selle's lawyer info - who is taking care of the short sale both lenders agreed on this price...because the whole time he kept saying that they are still waiting for the 2nd lender to respond, which they finally did)

February 10
A month later - they requested us (buyers) to send in the latest bank statements that we would use for the down payment and another mortgage pre-approval letter (as it's been 4 months at this point).

March 9
Update from seller's lawyer:
Waiting on Fannie to complete their review. Hope to have 1st lien approval by end next week. 2nd is slowly making its way thru the system. Cenlar is slow, but we are making progress.

How much longer is this going to take? on average. I know each situation is different.

Thanks
Shane

Each situation is different.

 

[STEPHAN]

I have done many short-sale deals. Only do them, if you are prepared to wait a long time and if you don't have a problem if the deal falls through. (50% do.)

 

[adjusterjack]

My brother's short sale of his house took a year.

You're 4 months into the process. Rejoice if you get done by the end of April.

 

[FlyingRon]

Presumably, the offer that the seller accepted the first time was qualified on acceptance by the lender. Otherwise, the seller is liable for a breaching of an accepted contract. If it was so qualified, as soon as the bank proposes something different, it invalidates the previous offer.

It sounds like you don't have a purchase contract at all. You need a good lawyer and perhaps good real estate agent.

 

[not2cleverRed]

Temporary bump.