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Answers (11)
Best Answer
- Yuval Degani, "Dream Town Realty"
- Contributions:67
Jecates -
There is an excellent article here: http://www.thechicago77.com/2010/02/the-short-sale-process-part-1-how-to-hit-a-bulls-eye-while-blind-folded/ That will give you an in depth understanding about the navigating the Short Sale process. An excellent read!
There is an excellent article here: http://www.thechicago77.com/2010/02/the-short-sale-process-part-1-how-to-hit-a-bulls-eye-while-blind-folded/ That will give you an in depth understanding about the navigating the Short Sale process. An excellent read!
- Nathan Wolf, "natewolf"
- Contributions:1825
Some Short Sales have been "pre-negotiated". If the listing agent is not familiar with listing Short Sales, this often leads to lowball offers and long wait times. Being reasonable in offers on a Short Sale is the best way to speed up the process. If you want to speed up the process, make a more reasonable offer -- i.e. higher. You're already getting a good deal, make the bank want to sign your offer. They're like any other seller in that regard.
Could take from 2 to 11 months
- carrotcake
- Contributions:3
Well, it depends if there is a "nasty" divorce. Most short sales as I understand from my attorney and realtor, could be 6 weeks to 3 months. However, I waited 6 months and finally moved on. It was a divorce and one of the spouses was not cooperating. One attorney became two for them, no one revealed there was a second lien holder, judge ordered spouse to cooperate, but didn't. So to answer your question, it could be very short or very long and painful. The key is to know when to cut your losses. There are other "great" houses out there...better then the last one.
I hope yours is short and goes smoothly. Good luck.
I hope yours is short and goes smoothly. Good luck.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
The shortest short sale that I have seen was 6 weeks. The owner wasn't behind on her payments but knew she couldn't make another one b/c her income source was gone. It was also the easiest as far as negotiators. Maybe the banks are more inclined to move faster on ones that are not delinquent yet b/c they lose less money in the long run. Just a thought.
- Dianne Lemay, Realtor, "diannelemay43458638"
- Contributions:46
The banks are going a little faster on the short sales because there are so many on the books, and it also depends on the knowledge of the Agent in charge that can make the process so moe smoothly.
- Brett Kennedy, "bken"
- Contributions:10
"tacompton" has it right. It can take months. Most of the time it is much easier to buy a foreclosure but the financing can be trickier depending on the condition of the property.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
I'm seeing 6 to 8 months or many.;
- Timothy Compton, "tacompton"
- Contributions:119
The mortgage process does not take any longer than a normal purchase. Once you have the accepted offer, you should be able to close in under 30 days. The factor here is the bank that currently holds the seller's mortgage. Small local banks really do not take that long to accept or counter the offer. They are usually in the 2-4 week range. The large banks can take months. If you have a good agent that will hound the bank, you can get it pushed through a little quicker.
Patience pays off with these purchases as you get a nice discount on the home.
Good luck!
Patience pays off with these purchases as you get a nice discount on the home.
Good luck!
- Pat Samson, "NVA Realtor"
- Contributions:39
Wow, that's a very tough question! I've seen short sales take 4 weeks and some take 4+ months. You'll make an offer on the house. The contract will be ratified and sent to the Bank. The Bank will than have to decide if your offer is is the max they can expect. This can be a long and painful process. Be prepared to wait and hang in there. If you love the house and you have the time to wait, it's probably worth the wait! Best of Luck! -Pat
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
After you find one and get an accepted offer from the seller (not the bank), it can take 10 - 12 weeks or longer for bank approval.
how long does it take to buy a short-sale home?
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