Thanks for turning to Trulia for your real estate questions....
"Short Sale" is kind of an oxymoron....it being a figure of speech goes without saying that the time involved can be gruelling.
I've had some that have lasted 2 weeks to almost 2 years. The 2 weeker was a "bank approved price" where the previous buyer had walked.
"Short Sale" only referring to the "shortfall" the bank is or will take to sell the home not the length of time you put into it.
Charles Rutenberg Realty
Other issues such as the number of lenders or investors involved and if any title complications may exist will all extend the time required to close a deal.
Regarding your question, 'taking months' would rarely be considered unreasonable for a short sale.
Please be aware, there are many strategies regarding buying or selling short sales that have significant benefits for the buyer or seller. Consult with a multi-dimensional real estate professional before throwing your hat into the 'short sale' circus. This is the most complex, convoluted process ever imposed on real estate professionals. Short Sales are the "Wild, Wild, West of Real Estate", where there exists an illusion of rules and anything can and does happen.
Short Sales are not suitable for all buyers. Very few have what it takes. 70 per cent of short sale offers fail. Most are due to the buyer not being able to endure to the end. Statistically, short sales, at most, sell for 15% less than traditional sales, in some cases only 5%.
Have your real estate professional share with your the real data for your area and assess if this represents a real value to you.
Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
In markets with few comparable sales, you may wind up in a situation where the lender will hold firm on a price that really is unattainable and based on properties that aren't good matches.
In these sorts of situations, the buyer and seller agents may need to work together in completing a CMA that provides for the best value guidance and submit it to the lender.
In these sorts of statemates, where neither the lender nor the potential buyer is willing to budge, having the agents make solid and legitimate arguments for a more fair valuation could make the difference between a deal coming together or one that falls by the wayside.
Should you encounter a situation as described above, then just have patience and keep working towards the end goal. In all likelihood, it'll all work out.
It really depends on how far along in the process you are, and how many parties are involved. If the home is 100% approved for a short sale at a certain price, then you can close it very quickly (under 1 month). On the other hand, if you are in the beginning stages of the process, it can take several months! Hard to say without knowing the specifics.
The main reason for delay are the banks and Realtors who are submitting incomplete packages to thethe banks.
As a CDPE agent I am certified to help guide you through this process when purchasing a short sale property.
There are other deals out there as well that are definitely worth taking a look at.
Are you buying for yourself or are you buying as investment to rent out?
Are you looking for something that might be needing a little bit of work to fix then rent and resell?
Are you using financing or are you buying with cash?
All of these items, and more, play a role in just abouta all transactions nowadays.
There's a lot of information you need to have before you begin this process.
I am happy to take the time to sit with you and go over these in detail. My goal is to have you as informed as possible prior to making an offer.
Call or email me anytime!
Re/Max Town Centre
Orlando, Fl. 32801
Certified Distressed Property Expert
I do agree with most of my fellow realtors that a min. of 90 days should be considered if you are interested in purchasing (or selling) a home through short sale. I have seen them aproved in 30 days - however, those are the rare exceptions to the rule. Hope this helped.
Premium Properties R E Services
Covering short sales myself as many of the Realtors' on here have, the simple answer is YES. Patience is a must and if you feel you are unable to wait (3 months minimum, this is what I have encountered on both listing and buying) you may want to consider another option, such as traditional sales or bank/reo.
PRUDENTIAL FLORIDA REALTY
135 E Colonial Dr
Orlando, FL 32801
"YOU HAVE DREAMS, TOGETHER WE MAKE IT REALITY"
Hello Let me say Not all short sales take long, It really depends on many factors such as
the lender, The area, Price, and You. Much people will tell you they can close short sales
fast but keep in mind every short sale is different and will have a different outcome.
If you are the buyer you may feel that this is a long process and it will wear you down but remember
your agent wants the best for you and is pushing to get this closed as fast as possible.
If you have any questions feel free to email me
NMLS # 6395
Financing Kentucky One Home at a Time
That is a definite YES. Depending on who you are dealing with on the other side it might take even longer. I advise to check who is handling the negotiations on the seller's side because there are certain law firms that will do as little as possible to make the deal progress since they already have been paid.
Myke Triebold, GRI, LMC, SFR, aBR
They have beme such a joke that even hearing the term "short sale" makes those in the indusrty roll thier eyes and laugh inside.
Here are a few terms that best describe short sales:
Clown Car Full of Horrors
18 month Hope to Gains
Train To Nowhere
Chasing A Carrot