Home Buying in Bakersfield>Question Details

Thomas, Home Buyer in Bakersfield, CA

Once the offer is accepted, how long to close escrow on a short sale?

Asked by Thomas, Bakersfield, CA Sun Oct 5, 2008

Help the community by answering this question:

Answers

6
Hello again. Thomas, once the lender has approved the short sale, it really mostly depends on you how quickly you can close. As far as the lender is concerned, sooner is better than later. That's why I mentioned in my earlier post that you should be prepared to close in no more than 30 days from the time the approval has been issued. Approval letters are conditioned upon closing no later than a certain date. Usually, the negotiator will ask the listing agent how soon the buyer can close and the negotiator will push for a quick close. I have seen closings within as little as 2 and 3 weeks, but I think the more common scene is 30 days. I hope this helps.
1 vote Thank Flag Link Sun Oct 5, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
You can only make sure that you have everything lined up and ready to go. Your loan should be approved and only contingent upon a satisfactory appraisal and property condition (depending on the kind of loan you get), Have your inspections ready to go. Speak to your loan agent and real estate agent about your concerns. They can both help you prepare so that everything goes smooth once the approval arrives. That's their job.
0 votes Thank Flag Link Sun Oct 5, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Thank you very much for the info. Very helpful. Is there anything i can do to speed up the escrow process?
0 votes Thank Flag Link Sun Oct 5, 2008
once the lender approves the short sale about how long does it take.
0 votes Thank Flag Link Sun Oct 5, 2008
Hello Thomas. In a short sale situation, the seller's acceptance is not really a very significant event. What matters is whether the bank approves the offer. The wait between the seller's acceptance and the lender's decision varies greatly. How long the bank will take to make a decision will depend mainly on their case load, whether this is the first offer they have considered (i.e., are they starting the file from scratch). If they have considered a prior offer, a lot of the work on their end has already been done and a decision on a second offer will most likely happen sooner. I would say you should expect a minimum of 6 weeks (with any luck, it could be less, but don't count on it) and 3 months to never. Once the bank has approved the short sale, be prepared to close in no more than 30 days. Use the waiting time to make sure your loan is ready to go and everything is lined up so that nothing stands in the way of a quick closing. It's a wait and then hurry up type of situation. The banks don't reward buyers for waiting patiently. If you love the house, it's all worth it. Just remember that one of the main ingridients to a successful short sale is a patient buyer. Good luck to you.
Web Reference: http://www.theMLShub.com
0 votes Thank Flag Link Sun Oct 5, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Thomas,

One important thing about a "short sale" is the necessity to be patient. There is no established timing standards with each individual transaction taking on it's own timing identity.

The time required to close an accepted offer could be several months.

Good luck,
0 votes Thank Flag Link Sun Oct 5, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer