Buying a "short sale" house?

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tutu

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My wife and I made an offer on a property that's a short sale. The seller agreed to the price, but b/c of the "short sale" we must get third-party approval (bank that owns his house). How long does it take for that to happen? Any experience out there for this type of situation?

Thanks
I appreciate the feedback. The seller's agent said it was a crap-shoot as the the length. We've got the offer written as such, where they have 12 days to decide. I'm not going to sit on my thumb any longer...

As far as 'staying the course' on this property for the next 12 days, my wife loves the house and I like the fact that it's a bit over 30% below FMV.
 
Personal experience:

1. Sometimes it happens.
2. Sometimes it doesn't.

Absolute worst thing that I ever experienced (in the early 1990s) was a short-sale where the bank "agreed" until the day before closing.

The funny part of that transaction was as follows:

Bank was owed $459,000
Short sale was at $388,000
Bank backs out of the deal, and the property goes to foreclosure sale for $309,000

Dummies.
 
Zeuz is right....

Longwinded, drawn out process with no guarantee that the Bank will actually agree to the terms.

Why bother with it when you can get a Real Estate Owned place for even less?
 
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