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After a contract has been signed...how long does a short sale closing take?

  • December 08 2009 - Cape Coral
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Answers (2)

The bottom line is that it is impossible to accurately predict how long it will take for a short sale to close.  After the homeowner signs the contract it must then be approved by the bank.

In a recent national survey of Realtors about short sales, it was determined that on average only 23% of all short sales actually ever close. Here is a blog post about the short sale survey.
  • December 08 2009
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If both the buyer and the bank have signed the contract it can be less than 30 days.  If  you are simply submitting an offer on a short sale the closing could be months away if the bank has not yet approved the short sale.  Approved short sales will close much quicker.  Banks are backed up and run foreclosures through the same departments for approval so be patient when buying short sale homes.

Best Wishes,

Krishna Perkins, ABR

  • December 08 2009
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