Question Details

Blanca Dover, Real Estate Pro in Camarillo, CA

How long is it taking you to close your short sale listings?

Asked by Blanca Dover, Camarillo, CA Mon May 6, 2013

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3
Better question might be how many NEVER close?

Out of my last 15 Pre-quals for buyers chasing a short sale only one closed...

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue May 7, 2013
The right answer: it depends

Who is the lender
How many lenders
How much is owed
How much is offered
Who is the negotiator
How experienced is the agent in terms of short sales
How complete was the short sale package when submitted
How prompt are the people in responding to requests for information
How solid is the buyer

I've closed short sales in as little as 28 days (Wachovia), and as long as 1 year (when buyers backed out for different reasons, with as many as 4 buyers before the sale closed)

The average will still run around 3-4 months from the time the offer is accepted.
0 votes Thank Flag Link Tue May 7, 2013
There are so many variables with short sales, that your question will never be a black or white type of answer. It's depends on locale, your market, the lender that is holding the loan, how cooperative the Seller is in getting you documentation in a timely fashion and the buyer and buyer's agent's willingness to be patient and stay in the deal. My short sale closings range from 30 days (very rare) up to over a year (terrible short sale bank). Even if you do everything correctly and have a perfect world, chances are that the Seller waited too long to contact a Realtor and get the process started. I've had at least 3 short sale listings move straight to foreclosure and sell on the courthouse steps, even though we have had contracts on those properties and buyer's willing to pay more than what the property ultimately sold for. It's an exhausting process.
0 votes Thank Flag Link Tue May 7, 2013
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