Short sale taking forever

[Ryan Keenan]

Hi BP friends,

Kind of getting lost as to where I stand in the short sale process and getting tired of waiting.

Received a accepted offer by the seller for 86,000 and the asking price was 107,000. It has been over 5 weeks and still waiting for approval from the banks. I believe the seller also has a heloc on the property so 2 banks may be involved. 

My realtor said the bank has just finished the apprasal on the house.  What happens next? Is the end in site? The property has been on the market for a while over 180 days, does this help the chances of being approved ? How long should I wait?

Thanks

Ryan

[Brent Coombs]

@Ryan Keenan, why should the Bank "give it away"?

ie. If you know it's worth more than your Offer, don't you think the Bank does too?

(And if it's not worth more, why are you bothering anyway?)

Answer: Other than wait, what would you do otherwise?

But sure, you can bluff, by saying: My offer expires on this future date.

And certainly, if a better option comes along, it won't need to be a bluff! Good luck...