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Answers (13)
- RayChin8
- Contributions:1
1st short sale I bought took 9-10 months 3 years ago, second one 13 months this past week..... I don't know if extreme but it worked out in my favor.
- Veronica Lawrence, "Veronica Sells"
- Contributions:14
It just depends where in the process you are and which bank you are dealing with. The longest is about 4 months the shortest about 30 day.
- Michele Norris, "michelenorris"
- Contributions:59
It all depends on where the property is in the process of short sale negotiation with the lender.
An average time frame to close would be 5 months and often times a lot longer.
Ask you Realtor to determine what stage the negotiation is in.
Best of all to you.............
An average time frame to close would be 5 months and often times a lot longer.
Ask you Realtor to determine what stage the negotiation is in.
Best of all to you.............
- Ryan Halset, "RyanHalset"
- Contributions:730
Most banks have a minimum of 90-120 days before a response - not necessarily approval.
It's important to note that this is IF the listing agent and/or their negotiator is doing their job, submitting the file correctly & in a timely manner, and following up appropriately.
I'll save you the suspense - prepare to be frustrated. You are not an exception. Your deal will not close any quicker than anyone else's. You and your Realtor can probably go ahead and schedule to have a bottle of wine and side-by-side massages for...I'll say...5 months from now...because something will go wrong, things will get delayed, you'll be asked to rush to do something, things will fly in the face of common sense...and you'll want to strangle every employee that works at the bank you're negotiating with.
Or better yet - just prepare to close 12 months from now, don't ask questions, and live in an unknowing bliss - - and when you close 10 months from now, you'll be pleasantly surprised by the speedy and painless process.
Cheers!
It's important to note that this is IF the listing agent and/or their negotiator is doing their job, submitting the file correctly & in a timely manner, and following up appropriately.
I'll save you the suspense - prepare to be frustrated. You are not an exception. Your deal will not close any quicker than anyone else's. You and your Realtor can probably go ahead and schedule to have a bottle of wine and side-by-side massages for...I'll say...5 months from now...because something will go wrong, things will get delayed, you'll be asked to rush to do something, things will fly in the face of common sense...and you'll want to strangle every employee that works at the bank you're negotiating with.
Or better yet - just prepare to close 12 months from now, don't ask questions, and live in an unknowing bliss - - and when you close 10 months from now, you'll be pleasantly surprised by the speedy and painless process.
Cheers!
- Ed Brophy, "Ed Brophy"
- Contributions:455
How many loans encumber the property? If more than one lender, are both lenders willing to agree to the short sale? Is it a pre-approved short sale? How many offers has or is the listing agent going to submit to the bank? Has the seller gathered all their financial documents, tax returns, etc & written their hardship letter? Has the bank already started foreclosure proceedings? Are the two asset managers for the bank communicating if they have started the foreclosure property? Is the agent representing the seller an experienced short sale agent, how about you agent?
Do you see where I'm going with this? There are a multiple factors that can and will delay the approval of a short sale.
You might be better off and get a better deal buying a home that isn't a short sale.
Do you see where I'm going with this? There are a multiple factors that can and will delay the approval of a short sale.
You might be better off and get a better deal buying a home that isn't a short sale.
- John Sefton, "Your Realtor John"
- Contributions:106
I have closed three short sales this year and they all took five to six months.
- Harold Sharpe, "So Cal Homes Realty"
- Contributions:143
If the listing agent is good at what they do usually 3 weeks to 60 days. If the bank comes back with questions, extend the time a couple weeks.
Harold Sharpe - Broker
So Cal Homes Realty
[contact info removed by moderator]
California Department of Real Estate License # 01312992
Harold Sharpe - Broker
So Cal Homes Realty
[contact info removed by moderator]
California Department of Real Estate License # 01312992
- Lanre Folayan, "Lanre Folayan"
- Contributions:74
Got two short sale deals that is going on five months now. Short Sales take a very long time to close. Just hope that the communication between the parties involved is good. Hopefully yours won't take as long as mine. Much success to you. Have a great weekend.
- Peter O'Neil, "PortlandEcoBroker"
- Contributions:31
There's no easy answer to that -- which is the main trouble with short sales. The sale takes as long as it takes. That could be a month, it could be six months, it could be never. Properties in a short sale are often good deals, if you're willing to wait. There's no telling when you'll get an answer.
Your offer goes first to the individuals whose names are on the title of the property. They may or may not accept your offer. If they do, it gets sent on to the lender or lenders. If there are multiple lenders, the lenders negotiate between themselves about which lender gets how much. The lenders may also make a counter offer to you which you can accept, decline, or counter. This can go on for months.
If your offer is worded properly, you can continue to search for other properties while waiting for answers. If you find a different property that you like, you can withdraw your original offer and make an offer on the second property. Be certain your short sale offer allows this or you may find yourself with accepted offers on two properties!
Good luck.
Your offer goes first to the individuals whose names are on the title of the property. They may or may not accept your offer. If they do, it gets sent on to the lender or lenders. If there are multiple lenders, the lenders negotiate between themselves about which lender gets how much. The lenders may also make a counter offer to you which you can accept, decline, or counter. This can go on for months.
If your offer is worded properly, you can continue to search for other properties while waiting for answers. If you find a different property that you like, you can withdraw your original offer and make an offer on the second property. Be certain your short sale offer allows this or you may find yourself with accepted offers on two properties!
Good luck.
a few days, to years, to never. Most short sales still never close, even today.
- wetdawgs
- Contributions:26833
It depends. I hear through the popular press that the banks have increased their speed. That means that instead of 3 months to a year until closing, you might only take 2 to 11.9 months! (Guess who is skeptical).
Have a boat load of patience, and you'll bbe set.
Have a boat load of patience, and you'll bbe set.
- Jo-Ann Molinaro, "molinaro"
- Contributions:9
It all depends on which bank is holding the mortgage and if the seller has 1 or 2 mortgages on the home. Could take from 3-7 months.
- Jim Stevenson, "therealtorguy"
- Contributions:1111
This is an excerpt from an article on my website:
The reality is that short sales usually take three to four times as much as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to the time the lender approves, it could take anywhere from 30 days to six months, depending on how fast the borrower provides critical information for lender and Investor approval.
The reality is that short sales usually take three to four times as much as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to the time the lender approves, it could take anywhere from 30 days to six months, depending on how fast the borrower provides critical information for lender and Investor approval.
My husband and I just put an offer on a short sale, how long does it take to ger approval?
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