Short Sale Buyer Process

Trying to purchase a house on a short sale in Illinois. I'm currently about 5 months in. Can someone please let me know what else I should expect at this point?

I know there are 2 lenders that the seller's lawyer was negotiating with because they kept saying that they're waiting on an answer from the 2nd lender: (Fannie Mae and Cenlar).

After a couple of months, they came back with a counter that we countered + 5K more.

A few weeks after that they requested another pre-approval letter + bank statements (as it's been over 3 months at this point).

A few weeks ago I received an update from the seller's lawyer that they're waiting on Fannie to complete their review and are expecting to have an approval letter by end of next week.

At this point how much this process may take? What other obstacles may we run into?

If we offered another 10K+ now, would that speed up the process?

Thank you in advance.

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  • Sometimes these can take a long time.  Generally 3-4 months is a fair estimate.  But if you agreed on a counter it should be easy at that point.  If they say they are waiting for approval no need to raise offer be patient and follow up!  Banks can be slow and since covid a lot of fell behind.  But I would follow up with the attorney every 3 or 4 business days.  Make sure they are following up.  A huge part of the process is constant follow ups and pressure on the lenders.  Hope this helps and good luck!

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