How long are short sales taking in the Chicago area?

  • March 01 2012 - Chicago
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Answers (22)

I just closed on one 2 weeks ago that took a year and a half. YES, 18 months. This is the extreme because there were multiple mortgages, liens, tax liens, all kinds of things that needed to be negotiated in order to be able to close the short sale. 

The short answer I give to clients on both sides is with one mortgage, and with a bank that I've dealt with in the past (the big ones, usual suspects), figure at least 90 days just to get answers from them, then you have to schedule for closing, which is another 30-45 days. then figure there is gonna be a hiccup with title some way shape or form, or the buyers financing has to be re-done, add another 30 days. takes you to 6months. That's if you get it under contract right away.

hope that helps. lol.

  • November 04 2013
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This depends on a lot of factors, you would have to be more specific. How many loans? Which banks are they? Is there a professional attorney or negotiator on the file? All can change the time frame.
  • November 04 2013
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Profile picture for Andrew Malak
It has nothing to do with a location. It has to do with the knowledge of the listing agent or negotiating agent; the agent handling the file at the servicer; the investors; and the buyer's mortgage company. As quick as 3 weeks to a 10 months.
  • October 29 2013
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Profile picture for redrose7711
I been waiting on a Short Sale for 5 months with BOA and nothing
  • October 29 2013
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Could be 45 days, could be a year. Depends on the lender as well as the seller's situation.
  • October 24 2012
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Profile picture for JPyszChicago
Well, a short answer to that question is around 90-120 days. Although I had transaction that closed within  less then 60 days as far as i remember. In general though , count for approximeatly 3-4 months. And yes, sometimes you may find out that it is being DENIED and it will not close at all!!!!
  • October 13 2012
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Profile picture for govagent1
Most all short sales are taking the same amount of time in all areas.

Once in a great we as company owners and agents get a break for our clients and get them done in 90 to 120 days.  However the truth of the mater is the most taket 6 months or longer.

Reasons:  The Big banks that got their bail out money make more money if it does not close on a short sale.  The bank has no incentive to do the short sale.

Many banks are not organized and have too many departments that do not communicat to one anoter and nothing gets done in the froclosures area as it is not a money manker, much like our federal government.

I hope that helps somewhat.  I have been a broker since 1974 and I have been in banking sinnce 1969.  Sr. VP at two banks.  I have a little insight.  Not a pleasant picture.  If banks did cash for key like my mortgage dept did and if they wanted to help people and give good quality customer service on both ends of the bank we would not have thiese issues.

Have a great day my friend.
  • May 30 2012
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I generally tell clients minimum 2-4 months. However, oddly enough I got a call from a past client yesterday letting me know he is once again scheduled to close on the property, today. I did the home inspection about 14 months ago.
  • May 30 2012
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I have closed several hundred, an we have been averaging 90 days to closing.
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  • May 28 2012
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I'm getting them done in less then 45 days!  It mainly depends on who the investors are and who is negotiating them.

Just had one approved in 39 days, deficiency waived, with minimal financials.
  • March 18 2012
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Depending on who negotiated the short sales, how many loans are on the property, if there is a PMI or not... anywhere from 1 week to 1 year. Most of them are approved between 2-3 months.
  • March 04 2012
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The word at a recent short sale seminar I went to was that nationwide, 50% of them close and 50% do not make it to closing.
  • March 02 2012
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More like 6 months to be on the safe side of expectation
  • March 02 2012
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Profile picture for Evelyn S. Fred
Hi Robert,

There really isn't a "norm".  I "specialize" in listing short sales and they can & have taken as little as 3 months and upwards of 1 year plus.

On the buy side I've had them take as little as 2 weeks to upwards of 6 months plus.

Really depends on the lender involved and in part the legal team handling the process.
  • March 02 2012
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Approved sales are 3-6 months. Unapproved Sales are 6-12 months.
  • March 02 2012
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FORVER!!! Really it's taking anywhere between 3mos if you are lucky to have a bank work through the process then up to as long as 8mos. At least it's what we are seeing here in Virginia. It's nightmare to say the least. It's not a problem with the buyers and sellers either. It's the bank!
  • March 02 2012
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It depends on many factors. Anywhere from 3 months up to 1 year.
  • March 02 2012
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It really does depend on the bank, and your client (seller) they shouldn't take any longer then 2 months.  If the sellers agent and or person who is handling the short sale stays on top of the bank it will go fast.  Providing the seller has turned in all paper work..  The paper work seems to be the biggest hang up..
  • March 02 2012
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From 25 days to never happening at all with that property ot owner.
  • March 02 2012
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Profile picture for JohnWilt
Depends on lots of things but mostly how organized and experienced the Realtor is and if there are one or two lenders involved and the attorney involved  Sharp Realtor and only one lender netting about 80% of outstanding debt I would say 3 months.  With a 2nd lender involved add 1-2 months.  If the Realtor does not collect the required info from the seller upfront add another month.  If Wells Fargo or Harris is the 2nd lender add an additional month too.
  • March 02 2012
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Profile picture for Matt Laricy
About 3 months.
  • March 01 2012
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Profile picture for SoCal Engr
Sorry for the temporary hi-jacking, but you just coined a real estate oxymoron...

    long short sales

And now, back to your regularly scheduled posts.
  • March 01 2012
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