What happen to the house? I put a contract on a home that was being sold as subject to bank approval?The seller accept the offer and sign the contract last weekend and then they summited the offer to the bank (with the contract we also sent are pre approve letter) Are realtor told us they had no other offer on the house Last night I look up the house and was not able to find the listing on yahoo (real... | |
you`ll most likely have to wait until the new work week starts, if the realtor is out, he may not know, banks and sellers are often fickle about selling to a low ball amount, and with the housing market as it is now you should have gone down another 30 k on the price, given them a take it or leave it note
I am a Realtor in Florida and don't know the laws in IL but I'll give you my answer.
You have made an offer on a home that is in foreclosure or pre-foreclosure and the Bank is accepting short sale offers. You contract is contengent upon the banks approval and I normally but a time limit on the approval length of time but even then the banks will take their time.
What may of happened is that the listing agreement with the selling agent has expired and thus it has been removed from MLS and everything that downloads from mls like Realtor.com.
Don't worry, your contract is still pending even though the listing agent's listing agreement may have expired because you have an open contract. Your contact is not null and void until you get word from the bank. The Bank has the right to say no and take the home but most of them want to sell the homes not take them into inventory. Your offer seems reasonable and has a good chance of being approved.
Be patient as the short sale process takes a good 45 to 60 days on avg and could take even longer.
The government is tripy. If they accepted your offer, they may have removed it from the listing. My guess is they have notified your Realtor, but since your Realtor is out of town, you don't know what is going on. My parents bought a HUD home and the same thing happened. It took the "Bank" about 8 days just to look at the offer and actually sign the contract. They are currently very overbooked. If you didn't get the offer accepted, then no sense in worrying about it. Move on. There are plenty of other homes out there. Good luck.
The bank won't counter offer you. Their only position here is to either approve or deny the offer you made to the seller. Since this is a short sale, the lender must give approval for the current owners to sell for less than they owe on the property.
In such scenarios, it sometimes takes considerable time for the bank to examine the offer and make a decision. You might not get a response either way for a week or two.
Yahoo Real Estate isn't the most reliable listing service. Contact the office of your Realtor and ask them to look up the listing status or an alternative manner for contacting your Realtor for an explanation.
The listing still shows as "active" at Realtor.com. Nothing much happens over the weekends. It's not uncommon for it to stay active until you hear back on approval from the bank. It may take a week to several weeks.
