Short Sale Process in IL

Hi all,

We're first time home buyers, and we had just put an offer down on the house. Our offer was accepted by the sellers yesterday – however, our offer does not contain a clause that says we can exit out after X amount of days (if the bank is taking too long, etc.), as a result – we have the next FIVE days to do the inspection and decide whether we truly want to go forward with the process.

Can anybody give me advice as to how long your short sale process (recently). I am seeing a lot of articles dated 2012 but not too much from 2017, and we're a little terrified by the process (or that the process will take YEARS!). In addition, I would hate to get attached to the home only too find out the bank does not approve the short sale.

Any and all advice regarding the process, the timeline, etc. is highly appreciated.

In case nobody responds in time… I am going to list out our short sale timeline so in the future, others don't have the problem that I do 😉

Short Sale Timeline in Illinois

6/24/17 – Received listing MLS

6/25/17 – Toured property on a whim and loved it!

6/26/17 – Put down an offer

6/26/17 – 6/28/17 – Negotiating with seller: Getting pre-approval from our bank, submitting earnest money.

6/28/17 – Offer was accepted! Home Inspection Scheduled

6/30/17 – Home Inspection Appointment

More real estate tips at Program Realty Wix site

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