Home Buying in Plainfield>Question Details

Tdem379, Home Buyer in Plainfield, IL

How long does it take for a closing on a short sale?

Asked by Tdem379, Plainfield, IL Thu Nov 15, 2012

Our financing and everything on our end is set, we where suppose to close oct 19 but that got changed for some paperwork, their bank approved the sale in july...Is this normal when buying a ss??

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This question was asked from this property: http://www.trulia.com/property/3086390012-2215-Park-Ridge-Dr…

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This is normal...it is a matter of the bank making sure all of their documentation are correct. I have had the same situation on some of my short sales. Unfortunately there are no set rules all of the time for banks when they do short sales. Best of luck on your closing!!

Michael Knecht
Charles Rutenberg Realty
1733 Park Street Suite 150
Naperville, Illinois 60563
630-207-9456
http://www.ListsAndSells.com
1 vote Thank Flag Link Thu Nov 15, 2012
I don't think it is normal to wait 4 months for the deal to close, after the short sale was approved. My experience is that if the approval is real (and not just promised, "about-to-be-approved" or "almost there"), the lender wants to close within 30 days. Please ask your attorney to contact the seller's attorney since that person is usually in charge of communication with the lender.There may be a second lien holder that delays the deal.
0 votes Thank Flag Link Sat Nov 17, 2012
thanks for the helpful feedback everyone!
0 votes Thank Flag Link Thu Nov 15, 2012
When buying a short sale, anything goes. Nothing is normal and nothing is out of bounds at the same time. There are so many variables and the banks hold all the cards. They are taking a hit too though, so they just need to do all their work to make sure they are getting the deal they want. Plus there are lots and lots of people to go through as no one in the bank wants to stick their necks out. Good that you got your end done - that will help a lot.

Short sales require the patience of a saint and it is very difficult to plan or anything. If they work out they are great. Hang in there. Have your agent speak with the listing agent and try to get some info. Possibly you won't be able to though. Just keep trying. Hopefully it will turn out.

Good luck!
0 votes Thank Flag Link Thu Nov 15, 2012
Unfortunately, there isnt a simple answer for this one. There are many factors that can cause delays. Every situation is different. Every bank is different. I have had approvals after 17 days and some that have taken 9 months+. You are welcome to call me at 630-447-0247 if you would like more detailed info.
0 votes Thank Flag Link Thu Nov 15, 2012
Short sales can drag out. Do you have written lender approval or just verbal? I recommend you have your buyers agent speak with the listing agent to get a status update.
0 votes Thank Flag Link Thu Nov 15, 2012
You have a Realtor?
Your Realtor has advised you?
You are listening to your Realtor?
And most of all; you are extremely PATIENT because you know that this a SHORTSALE?
0 votes Thank Flag Link Thu Nov 15, 2012
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