Answers (11)
- Robert Adams, "LVrealestateHELP"
- Contributions:474
The norm is around 30 days but it is totally up the bank that has approved the short sale. Read your short sale lender approval terms, it is always stated when the approval expires in that document.
Best Regards,
Robert Adams
Best Regards,
Robert Adams
- Coleen Hugney, "ColeenHugney"
- Contributions:15
The banks are giving at least 30/45 days after approval to close a short sale. The process of financing is what has dictated this length of time. With the NEW guidelines it is taking lenders 45 days to process a loan. Be patient. That is one of the problems with a short sale, the buyers get impatient and back out, but if you are patient, you often get a better deal than a foreclosure at the present time in South Florida.
- Annteve
- Contributions:2
Thanks everyone!!
- Linda Strasberg, "L Strasberg"
- Contributions:2563
The Close of Escrow date is typically 30-45-60 days from date of bank approval of the offer. The short sale must close no later than 60 days from bank approval!
If the buyer cannot perform after bank approval, the buyers agent should contact the listing agent asap so that a buyer who is able to perform can be quickly put in place.
It's sometimes good to put in a back up offer so you can shoosh right in and close quickly
If the buyer cannot perform after bank approval, the buyers agent should contact the listing agent asap so that a buyer who is able to perform can be quickly put in place.
It's sometimes good to put in a back up offer so you can shoosh right in and close quickly
- B Mike West
- Contributions:309
That depends on many things. (Loan servicer, investor, seller's hardship, how complete the short sale package is that the listing agent submitted, how good all parties are at communication, etc...) and this applies to each lender involved. If there is a second and/or third loan, each lender goes through a similar process and you can run into a situation where there is a dispute between lein holders about who gets what. It can take a few weeks or many, many months. You might also get a counter offer from the lien holder(s), asking for you to increase your offer.
When you make an offer on a short sale you have to be prepared to wait it out. Buyer's agents should explain this to their clients before an offer is submitted.
Unfortunately, there is no guarantee that the short sale will be approved, so you can be waiting for a long time and not end up with the home.
When you make an offer on a short sale you have to be prepared to wait it out. Buyer's agents should explain this to their clients before an offer is submitted.
Unfortunately, there is no guarantee that the short sale will be approved, so you can be waiting for a long time and not end up with the home.
- Locke Haman, "locke.haman"
- Contributions:19
Short sales are always very tough to put a timeline on, however if the bank has actually given the final approval, and no other complications pop up. You should be on track to close within a few weeks.
- Ofe Polack, "Ofe Polack"
- Contributions:3375
The final approval letter will tell you when the closing will be. Congrats!!!
- Matthew Kammeyer, "BrokerSalesman CCIM"
- Contributions:44
I have seen from 2 days to 2 months. If cash buyer with no HOA it can be done VERY quickly. If cash buyer with HOA it can be around 7-10 days unless an expedited fee is paid. If financed deal, expect 30-45 days. If VA add in extra time and cost for VA inspection.
- Nina Harris, "NinaHarris"
- Contributions:376
Congratulations for hanging in there. Normally you have to close within 30 days.
- Tim Moore & Rachel Neal, "Outer Banks N C"
- Contributions:1355
Usually when you actually do get the bank approval letter/notice if gives a time period to close by and it is not very far away. 10 days or a couple weeks sometimes. Good luck
Tim
Tim
- Matt Sanchez, "MSanchezKWSA"
- Contributions:13
First of all congrats on the approval and kudos on sticking in there! I know short sales can be a hassle sometimes. Usually on the short sale approval letter that is sent to your Realtor it will say how long the approval is good for. Once you guys actually receive the letter you can close as soon as your lender (assuming you are getting a loan) can get your loan documents to title and then title draws up all of the closing paperwork to get approved by both parties. I would first ask your Realtor to see how long the approval is good for, and then contact your loan officer to see how close they are to finalizing your loan docs. Best of luck!
How long does it take after final approval to close on a short sale
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