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Answers (17)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
The length of time to close on a short sale depends on a variety of factors....when the first buyer tires of waiting for response, the property is then relisted and a new offer is then presented making the process begin again. It takes a while...if you're thinking of listing your property and you're upside down, you'll stay there till it closes. I may have died however before then. Just kidding....list with me...we'll get it taken care of in however long it takes.
- Michael Galasso, "michaelgalasso"
- Contributions:1
I am an agent in Las Vegas Nevada The short sale process takes anywere from 2 months to about 6 months. I have a full price cash offer since July and it still is not approved yet. i was told maybe by Febuary we will close
- Mark W Hunter, "Mark W Hunter"
- Contributions:53
It all depends on the man power that bank has put towards their short sale department. I have had answers back in a week, and as long as 13 months.
Somewhere between a few days and infinity....
- Natasha Kennedy, "Natasha Kennedy"
- Contributions:487
I'm still waiting on one for over 1.5 years. The speed depends on the listing agent, how knowledgeble he/she is and the bank, also if it's through Equator system, it's usually faster.
- Steven Pacchiano, "NY Broker"
- Contributions:313
2-4 months, I think the banks should be able to get us a quicker answer. I have found that alot of my buyers are now turned off to shortsails and dont want to be locked into a signing a contract that may be turned down 3 months later.
- Ugg Boots outlet
- Contributions:4
I average about 2-3 months. I have one going on a year(sellers Fault)
- Jaryd Ruffner, "JarydRuffner"
- Contributions:98
Approval time is completely circumstancial. It will vary upon numerous factors including but not limited to: Number of lenders, who the lenders are, Any PMI?, Is 2nd a HELOC?, seller cooperation, skill of listing agent, Sales price compared to actual value, seller's hardship, etc. Most lenders can quote you what their average turn time is at the inital contact. I can usually get them done fairly quick regardless of who the bank is but I have leared a lot of tricks too. They used to take me much longer but no two short sales are exactly the same. My last 8 were completely approved in anywhere from 10-62 days.
- Christine McGinty, "whitemountainagent"
- Contributions:273
Read your good neighbor policy here on Zillow please. In AZ, I tell my clients plan on 90 days. I've closed one with a small lender in 30 days and one went 6 mos. then went to trustee sale.
- Karla Wagner, "karlaw"
- Contributions:151
I believe it all depends on the lender. I've had one as quick as 30 days, and oanother that took 7 months, but usually the average is 60-90 days.
- Victor Gurrola, "Victor T. Gurrola"
- Contributions:1190
I average about 2-3 months. I have one going on a year(sellers Fault)
- Stephanie Greenberg, "Steph Greenberg"
- Contributions:53
I am in Central CA I have one that I had an approval on within 2 weeks and I currently have one with BofA and still no approval since December 2009!
- Drew Ludlow, "DrewLudlow"
- Contributions:505
I have an HSBC file that was approved in 4 business days.
BoA, on the other hand can comfortably take 90+ days.
I've heard of them lasting as much as 12-18 months!
BoA, on the other hand can comfortably take 90+ days.
I've heard of them lasting as much as 12-18 months!
- John Squier, "John Squier"
- Contributions:229
Anywhere between 60-180 days is typical in the Mpls Area. Buyers usually walk when they exceed 180 days. The more experienced short sale agents seem to be coming in around 90-120 days.
- sunnyview
- Contributions:25139
Hello. You might want to check out the Good Neighbor policy here and the guidelines for posting here. Zillow is a little different than some other sites so generally contact information is left on your profile page. I hope post some local information about your market in Maryland. I'd love to hear about it.
- Sarah Bond, "Sarah Bond 1"
- Contributions:131
An agent I work with was working on a short sale and it took just over nine months! Everyone was shocked that the buyer didn't walk. The quickest turn around time I've sen was 45 days.
- New Focus Realty Team, "New Focus Realty Tea"
- Contributions:20
I would def say it depends on the bank, and who is negotiating the short sale. :) the lawyer my clients use to negotiate the short sale is getting it done in around 90 days, but they have much better luck with smaller banks getting it done quickly.
Short sales, how long to get approval in your area?
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Contributions:6Eric Brooks - REALTOR ®
Long & Foster Realtors
4733 Bethesda Ave #100
Bethesda, MD 20814
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Licensed in DC, MD and VA
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