Home Buying in 33462>Question Details

Pattymg35, Home Buyer in 33462

Short sale

Asked by Pattymg35, 33462 Mon May 16, 2011

How long does it take for a short sale to be completed?

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Answers

10
Pattmg35,

My average is 3 months, but I have seen it take up to 6. I have heard tales
from some agents that it took 9 months - I think that's rare.

Short Sale is not for someone in a hurry.

Good Luck,

Marita Topmiller
Assoc Broker
Prudential Indiana Realty Group
1 vote Thank Flag Link Mon May 16, 2011
3-6 months is a good estimate. And, yes it depends on many, many factors including the experience of the realtors' involved. If you are thinking of buying a short sale property, try to work with an experienced realtor. Look for the SFR (Short Sale and Foreclosure Resource) designation.
1 vote Thank Flag Link Mon May 16, 2011
Patty,
every case is different. There can be 1, 2, 3, or more liens on a property that need to be cleared. It typically takes 90+ days and up to year in some cases. It's not for the faint at heart. Good luck!

Cathy Bureau
Broker - Owner
Web Reference: http://www.CathyBureau.com
1 vote Thank Flag Link Mon May 16, 2011
The average is anywhere from 3-6 months from first offer to close. It varies greatly depending on so many factors such as the number of loans out of the property, the bank/s you are working with, etc.

Good luck in your home search!
1 vote Thank Flag Link Mon May 16, 2011
First of all, you need to make sure that you have enough time. It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. It requires a proof of funds letter if paying cash or a pre-approval letter from a lender if obtaining a mortgage. The seller must approve the purchase offer before it gets submitted to the bank. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.
0 votes Thank Flag Link Thu Aug 4, 2011
All great answers. For more info you can check out Bizrate.com. They are great and they have informational videos.

Good luck.
Gino Herring, SFR
954-770-5568 p
0 votes Thank Flag Link Thu Aug 4, 2011
Short Sale ~ Time needed from Contract to Close:

There are several factors that will make a big difference:

1. Complete financial package from the seller including hardship letter ~ get used to keeping track of all of your expenses and income, this is updated every 30 days to stay current with the lender.

2. Is there only a primary loan? If so that is your shortest time. When a 2nd, 3rd, HELOC, it adds time.

3. Is there Mortgage Insurance - can be another road block.

That is the best way I know to tell the story. It is not rocket science. You just need someone who knows the ins and outs of the system.

Debbie Albert, PA
Keller Williams Realty Treasure Coast
0 votes Thank Flag Link Tue May 17, 2011
There are a lot of factors that have to be taken into consideration. If the seller has filed for bankruptcy, the Bankruptcy Court will have to sign off and give permission for the home to be sold. That can hold things up for quite some time. Liens are another nightmare that can cause a host of delays.

The speed of the short sale can be expedited if the listing agent submits all the requisite documentation at the time they submit the offer to the bank. This will fast forward things as it eliminates the lender needing "one more thing" before they can fully review the file.

I've seen short sales take as little as two months. Others, six months and still others, I don't know if a decision will ever be made....Just remember lenders like communication. Keep them informed, be respectful and if you don't know what you are talking about, be honest! Nine out of ten times you will get someone on the file who wants to help, so work as a team.
0 votes Thank Flag Link Mon May 16, 2011
It takes on average 3-6months from offer to close. Now, it may take longer so be prepared.

Patience are needed when dealing with a short sale.

Best of luck...

Stephanie Leon
Web Reference: http://www.sleonrealtor.com
0 votes Thank Flag Link Mon May 16, 2011
The time frame varies for every file.
0 votes Thank Flag Link Mon May 16, 2011
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