That’s how it goes sometimes with short sales. You come across a house you like that’s a short sale that looks like a really good deal. And you hurry to prepare the documents and make your offer before someone beats you to it. And the seller accepts it, YEAH!, and then you settle in to wait for mr. lender to make up his mind. And that can take months. And along the way you never know. After months of waiting your patience may be rewarded by the lender giving it their blessing, or with an email rejecting it. With short sales it can go either way.
The buyers of 6218 N Zorrela Segundo were very patient and lucked out. After going to contract on May 13 they waited thru the remaining spring, summer and fall and closed on 11/29.
Just 6 months, lucky for them.
But not everyone’s so lucky,
4501 N Camino Del Obispo went to contract on January 25, 2012 and has yet to close.
7605 E Crested Saguaro went to contract on March 30, 2012 and the jury’s still out.
And it may still be early innings at 3430 E Placita De La Jolla Del Sol, it went to contract on 8/25/2012, and no word yet.
Ditto with 5911 E Placita Primitiva which entered contract on 8/31/2012
But then,
6760 N Placita Acebo closed successfully after 5 months, not an eternity.
and 4411 Camino Sumo went to contract on 8/31 and closed on 11/16. Practically record time. But here the lender had a few practice runs – it had gone to contract and fell out twice before.
Ditto with 1495 E Canyon Spring Court. It went to contract twice, fell out twice and the 3rd time it stuck - going to contract in mid April and closing in mid August.
And no one really knows when the verdict will be reached. Not even mr. lender. And certainly not the agent representing you as the buyer, and not the listing agent either. Not in my experience anyway.
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