Congratulations you finally decided on a home to buy and have a
contract, but now your are hearing there are some delays and potential
changes to what you thought was a solid contract because it is a short
sale and now you are a little confused.Â I want to go over some of the
basic changes and hurdles you can or willÂ expect in the months to come:
- Average closing time from contract on a normal short sale with 1 loan and 1 bank is approximately 4 to 6 months.
are under contract for what you feel is a fair price for the home, but
ultimately that can change prior to the bank issuing the final short
sale approval letter as the bank is only going to sell the property for
fair market value they are already taking a substantial loss.
having the home inspection or appraisal completed if any repairs are
needed 99% of the time in a short sale transaction the seller can't and
won't be able to make any repairs and the home is being sold "as is
- The seller(s) at their sole discretion and without
warning or cause can cancel the short sale transaction at any time and
for any reason with no recourse against them.
- Once the short
sale approval letter is issued and approved by all parties, now the
clock is ticking to get the transaction closed so hopefully your lender
has known all along that it was a short sale you had made a contract on
and they are experienced enough to get your deal done on time as most
lenders will charge a large penalty to extend the closing date so please
try not to do this if at all possible.
- Continue to ask for a new and updated approval letter each month from your lender so yours does not expire.
- Continue getting current financial docs ie pay stubs and bank statements to your lender monthly until close of escrow.
Click here to search available homes now.
Contact us today, call or text (702)622-0601