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Do you know APPROXIMATELY how long it takes for a contract to be drawn? I feel like I have been waiting for a while and I have had no word from anyone. We got a verbal acceptance, and my broker said that the seller was waiting for a written letter. That was the last I heard from anyone.
Maybe I'm missing part of the situation here, so please pardon me. What "contract" are you waiting for? Did you already submit an offer to the seller? If so, did they accept and sign your offer? If so, then you have a contract. With your offer, you probably sent some sort of Short Sale Addendum, which forces the buyer and seller to acknowledge that the contract is contingent on the seller's lender approving the short sale. If the lender approves the short sale, you'll sometimes get a verbal approval over the phone from the negotiator, but then it could take 1-2 weeks for the written approval, depending on the lender's audit process.
Vicki said:Do you know APPROXIMATELY how long it takes for a contract to be drawn? I feel like I have been waiting for a while and I have had no word from anyone. We got a verbal acceptance, and my broker said that the seller was waiting for a written letter. That was the last I heard from anyone.
Hi Vicki. Either of the agent/brokers or the attorney can write the contract. If you agent is not capable of doing this then he needs to push the issue to get it done. Until you have a written and signed contract you have nothing. If an agent is doing the contract using pre-printed board forms it takes about 30 minutes. An attorney can probably do it in about the same time.
What State are you in?
***By the way I am not an Attorney nor do I play one on TV. This response is just my opinion.
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