Profile picture for wkellett

How long can we expect a short sale to take?

We recently put a cash offer on a house . It is a short sale. The seller has approved the offer. Will the cash offer make a difference in how long it takes the process to move along?
  • February 19 2014 - Tallahassee
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Answers (5)

In my experience cash doesn't make a difference on a short sale and there is no rhyme or reason to length of time it takes for them to be finalized.  Also, be aware and cautious that just because the seller has approved it doesn't mean it is a done deal.  I had a short sale recently that the bank pulled into foreclosure after going through 3 months of red tape, seller approval, etc.  Short sales can be super frustrating and banks seem to be able to play by their own rules.  I sure hope yours has a happy ending!  Good luck!!!
  • February 20 2014
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Profile picture for EdJohnsonRealty
The short answer is no!  Getting past the seller is the only the first step.  The protracted timelines with short sales is primarily due to the process of the servicer (bofa, wells, etc) getting approval from the investor who owns the note (mortgage or deed of trust).  If there are multiple notes with different investors this can further complicate / lengthen the process.  This process is not impacted by the mere fact the offer is all cash or financed.    At the end of the day, the investors will require the servicer to provide a valuation of the property in the form of a Brokers Price Opinion (BPO) or full blown appraisal.  If the offer is below that, whether the offer is cash or financial the investor likely will counter back to minimize loss to the investors.  This is why all short sales are "subject to lender approval".  Hope this helps!
  • February 19 2014
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Short Sales are a best efforts transaction.  No guarantees it will ever get done.  Banks are in no hurry to do short-sales,staff has been reduced and they will likely want substantially more than you offered. Be prepared for a long wait.

  • February 19 2014
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Cash is actually not a motivator for a bank.   Banks have their own clocks that don't match any of ours.  Some banks are well prepared to handle short sales and some aren't.  You should just be patient
  • February 19 2014
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Profile picture for FLGAmortgage
It will depeond on the bank and the agents/attorney's negotiating it. It can take a few days or several months. They just seem to vary from deal to deal.
  • February 19 2014
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