Profile picture for nanku71

We recently saw this home with a Realtor and is in Short Sale. What happens in that case?

We saw this home with a realtor and he said this home is subject to bank approval as its in short sale . What happens in that case ? Does it take really too long to get approval from bank for short sale ?
Sincerely,
Sam
  • Question refers to 44 Hillcrest Ave, Edison, NJ 08817
  • June 11 2009
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

When a home is a short sale, the purchase agreement requires the approval and signature of both the homeowners and the lender(s) as the lender is being asked to take a loss on the home.

Short sales can take from 30 days to 3 months to complete and approximately 30 to 50 percent of short sales ever close, although I think the banks are getting more adept at processing short sales.

If you have a definite time frame for moving (lease running out, your home is sold) I would avoid short sale properties due to the uncertainty of the deal closing in a timely manner.

If you are looking for a bargain, consider looking at foreclosed properties are there are few layers to the transaction but there can also be multiple offers on well priced properties.

Good luck
  • June 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.