Made offer on short sale. How long it takes for seller to respond

12 Replies

Hello everyone, quick question. I understand that the seller needs to accept the offer first, obviously. We made an offer 4 days ago and haven't heard back from our realtor. My question is: Is it usual on a short sale for the seller to take awhile to accept or counter? I've read some time lines and it seems for many the seller didn't accept for about a week. Thank you.

Hi Brent.   I was under the impression it goes like this:  seller accepts my offer, I am notified of acceptance by seller, THEN his lender approval comes after.   Am I wrong?   Thanks so much for the response!

@Sladurana Edina , (in future, you can 'Edit' your posts for the first 15 minutes without creating a new post. And even after that, you can 'Update' your posts via the button on the top right - next to the 'Vote' button).

Not sure of the sequence. Saying you are right, it would still only be accepted "Subject to" the Lenders' agreement. "Subject to" Contracts mean the Title doesn't get transferred until the Sub-to conditions are met. 

With short sales, do YOU want to be the one to pay out not only the Sellers agreed price, but also the balance of what the Lender was still owed?...

thank you.  Just noticed the edit option on my reply.  Good to know.  :) I guess I am just anxious since I haven't heard from the realtor yet.  It's our first home.  I view the seller accepting offer as the first major step in this process.  I guess no news is good news at this point!   I do understand the rest. I just wondered how long it typically takes IF the seller accepts the offer , as in, it's been 3-4 days since we made the offer and we haven't heard back yet that doesn't mean it's over yet.  (Yes, I know the seller doesn't HAVE to respond, just didn't want to give up hope to early).

It took the seller over 2 weeks to respond to our short sale offer this summer - he was living in a different state and dealing with medical issues, hence the short sale. So, you just never really know with a short sale. I would prepare yourself for a long road; while it's possible a short sale could close quickly, it often takes several months; it depends a lot on the listing agent and the bank. Good luck, though!

I have offered on a handful of short sale properties and I have always had my offers accepted by the sellers within a day or two.... Never did make it to a bank approval though

@Sladurana Edina Yes, you are correct. The first step is that the seller executes the contract. After that is the long approval process. We can't tell you why you haven't heard anything. It's not in the seller's best interest to accept any offer that's not close to FMV, as it will likely not be approved by the lender.

Originally posted by @Pat L. :
Originally posted by @Aaron Mazzrillo:

The short answer is; could be never.

We have experienced the same 2-3months or never, but the ones you get can be well worth the aggravation.

 I agree. I just think the OP needs to be aware that just because he made an offer, while the title holders to the property might formally accept the offer, they have zero control over whether it sells. Also, whenever dealing with agents and a high number of offers come in as is the case with every short sale in a hot market, the agent is unlikely to contact each offeror and notify him/her that his/her offer was declined.

Originally posted by @Wayne Brooks :

@Sladurana Edina Yes, you are correct. The first step is that the seller executes the contract. After that is the long approval process. We can't tell you why you haven't heard anything. It's not in the seller's best interest to accept any offer that's not close to FMV, as it will likely not be approved by the lender.

Thank you for the feedback!