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.
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.
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.
Premier Sandals Swfl Realty
cell: (239) 810-2980
work: (239) 463 5217
skype: lloyd . nichols
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.
Prudential California Realty
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.
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, RealtorÂ®, CDPE
Jones & Co Realty
Here is one simple tip: Put $ down at time of Contract, otherwise the sellers agent is just presenting and OFFER to the bank.
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.