Home Buying in 33629>Question Details

Bd, Home Buyer in Tampa, FL

How long does an average short sale take to close?

Asked by Bd, Tampa, FL Mon Apr 27, 2009

I am considering buying a new home. I am no rush to move necessairly because my current lease is month to month. However if it is going to take over a year to close I would love to know now before wasting time and missing out on other properties.

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yes I agree, the average has gotten better over the years as lenders, investors and negotiators have learned ways to streamline the short sale process... (some people joke that there is nothing short about a short sale HAHA)

I All the best,

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0 votes Thank Flag Link Mon Nov 26, 2012
Right now in 2012 the average wait in Tampa is 142 days from contract to close on short sales.
0 votes Thank Flag Link Wed Jul 4, 2012
Due to recent changes in government guidlines, lenders are required to be quicker in processing short sale transactions. It used to take 9-12 months to close a short sale transactions. Now depending on pricing a listing to find a buyer, and shortage in inventory, it usually takes around 3-4 months. It also depends on how many loans you have on your property. Multiple loans might take longer. I hope this helps.
0 votes Thank Flag Link Wed Jul 4, 2012
Bd, it seems in Tampa it can vary quite a bit. I often tell buyers I'm working with to expect 3-4 months just to receive a response then another month for closing although it can take longer as someone previously mentioned depending in the bank and seller. If you plan to buy a short sale, you should really want that particular home and be willing to wait. If we can help you here in Tampa, give me call.
0 votes Thank Flag Link Thu Mar 31, 2011
Bd, It will depend on the bank and also, on the current owners of the home. Every bank is different.
0 votes Thank Flag Link Thu Mar 31, 2011
The average Short Sale in Myrtle Beach takes anywhere from 90 days to 6 months. Any short sale needs 3rd party approval (the bank that had the original loan) And any home owner’s association etc. It is a process and it takes time and persistence.

The process takes time but I can say I have personally had some of our short sale listings approved in as little a 2 weeks! http://myrtlebeachshortsaleteam.com/myrtle-beach-short-sale-…

The skill level, process, and systems of the listing agent are very important. Average agent just isn't good enough, use and expert that has plenty of short sale experience and your odds of actually closing the deal go up greatly. Just because a short sale is listed for sale, doesn't mean the deal will ever close. Lots of factors come into play and you want the experts working for you on your side.

A Short Sale is a win-win solution for the home owner, the lender, and the buyer. The lender gets the highest price for a quick sale at the current market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments.

Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees, are taken into account. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) gets paid less than the full loan amount owed. In a short sale, the homeowners get complete relief from all of their mortgage debt.


Just let us know if you have any questions, we are glad to assist you in any way.

Put our knowledge, and skill to work for you.

Jerry Pinkas Real Estate Team



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0 votes Thank Flag Link Thu Mar 31, 2011
In the Myrtle Beach South Carolina market it takes anywhere from 12 - 14 weeks on average, but it can talke longer depending on the lenders involved.
0 votes Thank Flag Link Mon Apr 27, 2009
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