Home Buying in Commack>Question Details

Nessie1977, Home Buyer in East Northport, NY

If I purchase a home that is a short sale what are the chances that I will not have to wait 6 months - year to actually move in. Is it that long??

Asked by Nessie1977, East Northport, NY Sat Jun 29, 2013

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13
You may never get in, most short sales do not close.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Mon Jul 8, 2013
Keep in mind that each short sale is unique, much will depend on the number of liens involved, who is negotiating the sale on behalf of the owner, is/was all necessary paperwork submitted in a timely fashion, etc., therefore, patience may be necessary...
1 vote Thank Flag Link Mon Jul 1, 2013
Unfortunately, It does take awhile for the bank to get to your paperwork and then may not even accept the offer !
0 votes Thank Flag Link Wed Jan 7, 2015
I have seen some wait even longer than that... also it depends on what the status is... is the short sale already approved, or is it pending? If it is pending it could take a long time.
0 votes Thank Flag Link Mon Jul 8, 2013
Also want to say, things like judgments, multiple liens, sale dates, and other things that lead to delays or possibly kill a deal, all these things are checked and looked into from te very start by someone who is handling a short sale transaction. I know Realtors who address some of these things when they first take a listing so that they're more prepared for the short sale process and find themselves ahead of the game.
0 votes Thank Flag Link Sun Jun 30, 2013
Nessie, a short sale transaction from the moment you sign a sales contract to actually closing, should take 2-4 months. If it takes more than that, the person(s) putting that deal together simply are not experienced enough. At least half the deals I work on happen to be short sales. I've seen some Realtors put a deal together based on a solid sales price which falls under a range of what a bank would accept. This alone cuts the turn time down drastically. Some Realtors have the knowledge to handle it better than others. If you hear that the short sale is being negotiated by an attorney's office, more often than not, it's going to be a long transaction.

If you'd like I can send you the info on a Realtor I know who is an EXPERT with short sale transactions. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Jun 30, 2013
Hi Nessie. It really can vary a lot. There are just so many factors involved. Some go really fast and some go r...e..a...l...l...y.. slow. If the seller has more then one mortgage on the property it can really complicate things and take forever. And, you really don't know until you get started. So, I would advise that, unless you have the luxury of time, you stay away from them

Tom Moser
Keystone Realty USA
East Northport

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Sat Jun 29, 2013
Sometimes.... It depends on whether there is one loan that needs to be negotiated, or two and whether there are other liens that may need to be negotiated (Judgments, taxes, etc.) Further, it depends on whether the loan is in foreclosure, and who is involved in the negotiations. You hope that the lender is on the ball, but many aren't. You really "HOPE" that both the seller's attorney and the realtors are very familiar with short sale negotiations and have a few under their belt. There are many factors, but most we see are in that 4-8 mos. range. Feel free to call or contact me off line if you need some additional info. I live in the Commack area and my office is in the Town of Huntington.
Pete Wagner

Contact info:
pwagner@horanandwagner.com

Horan & Wagner, P.C.
33 Walt Whitman Rd.
Suite 208
So. Huntington, NY 11746
631-482-1433
http://www.horanandwagner.com
0 votes Thank Flag Link Sat Jun 29, 2013
To keep it simple. If the short sale is already approved then it will take as long as a regular sale. If its not approved by the bank it can take a long time depending on the bank. My perspective comes from being an investor as well. In my experience if its a small bank they move a bit faster than the large banks. In a whole the banks are not logical and it can be more of a roller coaster than a typical sale.

For example I'm currently working with a client on a short sale that an offer was accepted and the deal died. Since this is already an approved short sale once the bank accepts our offer it will be as though we are under contract with a typical deal that is just waiting for financing to clear.

Hope that helps Marie!

Good Luck!
0 votes Thank Flag Link Sat Jun 29, 2013
Nessie,

There is no way anyone can predict how long or short a time it will take. Every bank (holder of the note) operates differently. Some of the banks have it all together, special people assigned to each deal and it goes like clockwork.

The time also depends on how forthcoming and cooperative the seller is.

I have one short sale that "looks like" it may actually close in the next month or two; it's been over 3 years! Yes, that's certainly an exception, but it is important for you to be prepared for any outcomes.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes Thank Flag Link Sat Jun 29, 2013
Like Tom says, make sure you have a good buyer's agent. Look for a short sale where the bank has approved the price. Those usually go fairly quickly.
0 votes Thank Flag Link Sat Jun 29, 2013
Hi Nessie, short sales can be dicey. I suggest you get a buyer's agent that is very familiar with short sales and they can help you navigate the waters, if that's where your interests are. A good buyer's agent with an expertise in short sales should be able to review the available information and give you an idea of the chances for success and a loose timetable. There are certain criteria that will make a sale more or less likely to go through as well as effect the timetable of a sale. Good luck.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
http://www.SuffolkFreeCMA.com
http://www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sat Jun 29, 2013
You should expect to wait AT LEAST 6 months. Good luck.
Web Reference: http://www.bverealty.com
0 votes Thank Flag Link Sat Jun 29, 2013
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