Home Buying in 33908>Question Details

Gordon Reeve, Home Buyer in Fort Myers, FL

How long does a short sale normally take?

Asked by Gordon Reeve, Fort Myers, FL Tue Feb 21, 2012

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Answers

18
It really depends on which bank the short sale is with as well as if the particular property has a first and a second mortgage on the property. Now that most banks are using a program that sends particular tasks to the listing agent, it has helped the process move along at a better pace. It has been my experience for short sales to take anywhere from 2 months to as long as 6 months( with 2 mortgages on the property).
1 vote Thank Flag Link Wed Aug 15, 2012
Only you can decide how long you want to wait... I did speak to one Realtor in Miami who told me that they just finished a short sale.... AFTER 2 YEARS! This is not normal, and your Realtor can provide some additional information. Here in Miami, where nearly every short sale involves multiple liens (bank plus homeowners association, etc.), 6-9 months is not out of the question. However, there are cases in which the bank can decide in only a matter of weeks.
1 vote Thank Flag Link Tue Feb 21, 2012
Gordon,

If you use a CDPE Realtor, (Certified Distressed Property Expert) your time frame will decrease exponentially. CDPE trained Realtors use a system and process that is so thorough that it will even dictate and assist the listing agent, even if the listing agent has not done their job thoroughly.

So, in conclusion find a CDPE certified Realtor.
0 votes Thank Flag Link Sun Nov 4, 2012
My offer has been in since February 6th and it is now November 1! I am trying to be very patient but at the same time I am VERY FRUSTATED. On top of this the house has now gone into foreclosure status and there was a sherrifs sale last week. Luckily no one wanted to pay what was owed on the house! Elias reality group out of Livonia, Mi is absolutly a horrible company to do your short sale. The claim to be the number one short sale expert in Mi, according to their TV and radio ads, but that is far from the truth. They take the sellers money up front and then let their house go in to foreclosure! There is no second lien on the house and it is a cash offer. So what's the hold up. HUD cannot be that far behind in paperwork. It has been in their hands now since June. This is unbelievable. If anyone has any suggestions, please let me know.
0 votes Thank Flag Link Thu Nov 1, 2012
i really would like to know how does it take for a short sale property to closed on it ,i was-told four to six months is that true
0 votes Thank Flag Link Fri Aug 10, 2012
i am buying a house but it is a short sale so what i am trying to find out how long do it usually take before i can close
0 votes Thank Flag Link Fri Aug 10, 2012
how long does it for a short sale to go thought
0 votes Thank Flag Link Fri Aug 10, 2012
how ong usually does ittake for a short sale
0 votes Thank Flag Link Fri Aug 10, 2012
Gordon,

If time is of the essence....considering other real estate options would be strongly recommended. But if you are bent on a "short sale" opportunity, probably the best consideration would be via identifying a short sale with a "bank approved" sale price. Because most of the long and involved process having been taken care of in advance, these options can move along much more quickly.

Good luck,

Bill
0 votes Thank Flag Link Sat May 26, 2012
3 to six months and sometimes up to 120 days
0 votes Thank Flag Link Fri May 25, 2012
Gordon: That is a loaded question.It may take a few months if the lender is pro active and has a top notch negotiator and if the price is already approved by the lender to over 6 months. As mentioned if there are 2 mortgagesand other liens it will take longer. Typically it takes over 3 months.
Short sales can be attractive because they are most often great deals.The trick is to use an experienced Realtor who will be follow up with the bank or the Attorney representing the seller.
Some lenders will give you an approval within 45-50 days. Some lenders are notoriouly slow and border line unethical. Its a case per case answer. Either way you have to be patient.Then its worth it.

LLOYD NICHOLS
Premier Sandals Swfl Realty
cell: (239) 810-2980
work: (239) 463 5217
skype: lloyd . nichols
0 votes Thank Flag Link Fri May 25, 2012
Gordon,

The short sale banks are improving the short sale process and closing short sales quicker. A short sale closing will depend on how many loans are on the property and if there are any other liens. In the last 6 months, I have been closing short sales in an average of 60 days. Once the short sale lender approves the sale, the short sale lender will want the sale to close quickly. Make sure the listing agent is a experienced short sale agent that knows how to close a short sale.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Sat Feb 25, 2012
Its amazing all the different answers the agents have. =)

In my experience, we usually get a closing date in 5 - 6 months. It all depends on the seller's circumstances. I have had one close in 3 months and we just closed a very difficult one in a year.

Short sales are really great deals for those buyers who are patient and not in a hurry to move. The listing agent will also make a big difference on how long it will take. Be sure to have your agent find out all the details before putting in an offer.

Good Luck!
Web Reference: http://ackermanswfl.com
0 votes Thank Flag Link Sat Feb 25, 2012
Hi Gordon,

It varies a great deal based on who the lender is, if the seller has more than one mortgage and a variety of other factors.

I handle a large number of short sales and would be more than happy to discuss the process with you. On my short sale listings I normally have been receiving approval within 45 to 60 days which is a huge improvement from just a year ago.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
email: leecountyrealtor@earthlink.net
phone: 239-707-4575
0 votes Thank Flag Link Fri Feb 24, 2012
short sales take awhile. what you need to ensure is that you are the ONLY buyer the lender see's as long as your contract is up to date. If you need help to ensure that I am happy to assist. Read more of advice at: http://wp.me/p1MLJl-aa

Here is one simple tip: Put $ down at time of Contract, otherwise the sellers agent is just presenting and OFFER to the bank.
0 votes Thank Flag Link Thu Feb 23, 2012
Hi Gordon,

Plan on continuing to "shop" up until the day you actually get an approval letter at a price you are willing to pay. Expect to continue shopping and waiting for at least 4 months.

It is unfair for a Seller (based on the listing agent's recommendation) to require an earnest money deposit on a non-approved short sale. You will make your offer on an AS IS with right to inspect FAR/BAR contract (or at least you should!) that will allow you to cancel for any reason up until 7 days "after" the short sale is approved by all lienholders.

Good luck!
Alma
http://www.SoldOnTampa.com
0 votes Thank Flag Link Tue Feb 21, 2012
Short Sales can take 2 to 4 months if everything goes smoothly. But there is never a guarantee that a short sale will close. There are many factors at play and the seller can cancel the short sale at any time. A short sale is a negotiation. If the property is listed at a price, it doesn't necessarily mean the bank will accept that price. They often counter-offer after the appraisal is done. The bank may also ask the seller to hold a note or bring cash to closing. If the seller refuses, then the sale is dead. It's good to use an experienced Realtor who can question the seller's agent as to the number of loans on the property, which banks are involved and the willingness of the seller to cooperate.
Web Reference: http://tampahouse1.com
0 votes Thank Flag Link Tue Feb 21, 2012
Hi Gordon,

I tell all my buyers to expect 60-90 days minimum. I have heard some horror stories of 6+ months but I would say normally you should be able to do them in about 3 months.

Good Luck,
Brent
0 votes Thank Flag Link Tue Feb 21, 2012
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