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Haley
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 Posted: Wed Oct 07, 2009 4:34 pm Post subject: Trying to purchase a short sale home from GMAC |
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My situation is that the home that I am trying to purchase was scheduled to foreclose on 10/6/09. We made an offer with our agent and she contacted the sellers agent the day before. The home is listed at $190,000 and we offered $181,000 and asked for 6% in closing. The bank came back and asked us to up the offer or lower the closing percentage. We raised the offer to $186,000 with 6% in closing. We don't know if they have removed the house from the foreclosure list or if they have accepted the offer. The realtor has left a message and she hasn't received a response. It has only been 2 days. Should I panic? How long does this type of process normally take. 
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 smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Wed Oct 07, 2009 8:19 pm Post subject: |
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Hi Haley!
Welcome to forums!
You can contact the bank and check out if they have any updates for you. The bank would be the best to let you know whether or not they would accept your offer. Normally, a foreclosure or a short sale would take quite some time to complete. So, I don't think you should panic regarding this.
Feel free to ask if you've further queries.
Sussane |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Thu Oct 08, 2009 8:14 am Post subject: |
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Haley
Its not the time to get panic yet.It is true that deal may strike within a day also but in most cases for all the paperwork it takes 3-5 days to go ahead.So better be in touch with your agent.He might have some info.
keep in touch....
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Fri Oct 09, 2009 5:39 pm Post subject: |
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| Anytime you dela with banks to buy a foreclosed or a shortsale, it will take some time to process yoru request |
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