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On average, how long are short sales in the Aurora area taking? Can you tell if there are bids in?

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March 11 2010 - Aurora
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Answers (4)

Short sale time frame depends on the lender, as noted by my esteemed collegues above.  That process hopefully will become more predictible due to the new government program taking effect on April 5, HAFA (Homes Affordable Forclosure Alternatives).  Here's a link to an article on Realtor.org that explains the program.  http://www.realtor.org/government_affairs/short_sales_hafa

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March 11 2010
They take forever stay away from them.  Look at foreclosures instead, less headache.

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March 11 2010
I handle all the short sale negotiations for my firm.  A great deal depends on what type of loan the seller has. VA, FHA have firm rules in place.

Conventional - Fannie and Freddie also have rules.  They are the "investor" - 

So, it helps if your agent speaks with the listing agent about what type of loan and who the servicer is.  BofA is trying to expedite the process with a 3rd party web service called Equator.  They probably service half the loans out there.

FHA has their own process called PFS (pre forclosure sale) where they have an appraisal done and then the contract is submitted.  Most FHA PFS approved can be closed in 90 days.

In our MLS there are two fields to check.  One is SS - as in this property is a short sale, the other is SS-PL Short Sale Pending Lender approval. As in there is an offer at the servicer pending their approval.

Success often involves the buyer last standing.

  





 
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March 11 2010
How long a short sale takes really depends on who the lender is.  The big lenders like Wells Fargo and Bank of America have made efforts to make the process shorter and more regulated.  Bank of America has improved immensely and my short sales with them are taking about 2-3 months for approval instead of 6+ months. 

I have had two short sales recently that were approved in 2-3 weeks with smaller lenders and loan servicing companies.  There is still no set time frame of how long short sales are taking, but you may get a better idea how long it will take if you know the lender, if it's a conventional or FHA loan that is being shorted, and if the lender has already begun the process (once they have property values, it may not take as long). 

As far as bids go, you just need to ask the selling agent if they have already received offers on a short sale.  Agents can market short sales differently.  Some of them pull the property off the market as soon as they receive a decent offer they can work with, and other agents leave the home on the market to receive back-up offers.  Just ask the agent how they are marketing their short sales.
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March 11 2010
 
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