Short Sales and the Waiting
Those familiar with short sales understand that it can be a drawn out process. One of the main factors in a short sale is that the offer, although agreed upon by the buyer and the seller, must be approved by any and all lenders (first liens, second liens, and so forth). This causes a length of time where both parties are waiting to hear back from the lender for approval or non-approval of the contract.
Depending on how the buyer has presented their offer, several different scenarios can take place. For instance, a buyer may put a deadline in the contract for response from the seller’s lender. In any event, the buyer is free to look at other homes but must adhere to the terms of the contract to avoid becoming default and risk losing the earnest money deposit.
It is important to choose a real estate agent who understands how the short sale process works in order to receive the best advice for a particular scenario.