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Robin Fraser's Blog

By Robin Fraser | Agent in Las Vegas, NV

What You Can Possibly Expect When Buying A Short Sale

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.  I want to go over some of the basic changes and hurdles you can or will  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.
  • You 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.
  • Upon 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 where 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.

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