Home Buying in 07105>Question Details

Dannguerr, Home Buyer in Newark, NJ

After placed an offer on a short sale property how long does it take to get an answer..?

Asked by Dannguerr, Newark, NJ Thu Jul 25, 2013

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6
Could be months... and months on top of that. You may get a quick answer from the seller... but the bank is a whole new ball game.
0 votes Thank Flag Link Fri Jul 26, 2013
There are too many variables to say how long.
What is the status of the short sale?
Who is handling the short sale?
Which bank is it?

I have 1 short sale that I can get a response in less than a week and another that will take maybe 2 months plus. some others I have been waiting for the other agent for over 3 months.
0 votes Thank Flag Link Fri Jul 26, 2013
The key is to have a completed file into the seller's mortgage company. Most lenders are moving a bit quicker in approving short sales. If there are other issues, then the timeline can be longer.

Good luck !
0 votes Thank Flag Link Thu Jul 25, 2013
Hi Dannguerr,

It could take anywhere from a month to 9 months. It all depends on the bank or banks (if there is more than one bank, it will take longer). It also depends on if the seller is even qualified to do a short sale. Patience is key to making an offer on a short sale. Make sure your Realtor stays in constant contact with the listing agent and that the listing agent is in constant contact with the short sale negotiator at the bank(s).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Thu Jul 25, 2013
Dannguerr,
Short sales can take as few as a couple of weeks to many months. It depends on how fast the lener can respond. The longest short sale I have had took eight months.
0 votes Thank Flag Link Thu Jul 25, 2013
I'm sure your Agent told you; and I am going to repeat and reinforce it:
If you have to ask; you shouldn't be in a Shortsale!
If you do not have the patience to wait; you should cancel your Offer now.
If you are going to pester your Agent by calling him every day, asking for the latest update; please let him off the hook.
We can pretty much guarantte two months, but it might be 9 to 10 months before you hear anything.
And even then, the Bank may decide to not do a SS, beciause the Market has gone up so much.
I would put your odds at 20%.
Forget you made an offer; do not enter it on your Calendar!
0 votes Thank Flag Link Thu Jul 25, 2013
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