Home Buying in Burton>Question Details

Stephanie, Home Buyer in Burton, MI

How long is it now taking to get a reply and close on short sale homes in Michigan? Is there still time to qualify for tax credit.?

Asked by Stephanie, Burton, MI Fri Jan 29, 2010

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Stephanie each bank is different and each sellers situation is different. Local banks in our area I would say within 30 days yet some of the larger lenders 3-6 months. We have seen them take as long as 6 months and I have heard some agents say one year. Plus many of the banks that went belly up had the loans transferred to other banks which slows down the process. Your agent in Burton can give you a better idea once they know which bank.

Just like a buyer needs to supply information to their bank to get approved for a mortgage a seller needs to supply information to their bank to be approved for a short sale.

We have heard that the banks are going to speed up the process but we have yet to see that happen.
0 votes Thank Flag Link Fri Jan 29, 2010
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