There are so many moving parts on a short sale and if they aren't completely in sync it can take a while. Many times the bank will send a property preservation team out to check on a delinquent property to see if it's vacant. If it is, oftentimes they will secure it by changing the locks. That doesn't mean it won't become an approved short sale. Foreclosure filings are also common especially with short sale properties. Some banks will file lis pendens at 90 days delinquent while others will wait months or even years to do so.
Short sales take time and patience. It is frustrating and annoying and dang it, why can't the banks give us an answer?! Do some research on the questions to ask so you can go back to your agent armed with information.
Another issue is the contract and how much time the buyer is willing to give the list agent to get an approval.I like to keep these times a little tight for more than one reason. Often if you put 90 days for approval in the contract - guess what - the bank will take 90 days.
Some list agents are horrible at updating buyers. Even if nothing happened as far as a response from the bank, I want to know WHAT THE AGENT DID to move it along. I write down every phone call, every email, the date, time, and who I spoke with, and what was said. I use this info to update buyers AND if things start to go bad, I give this information to bank supervisors to prove that I did my job and that they did not do theirs. If my package is complete, the bank should respond in a professional and timely manner.
I closed a short sale on commercial land yesterday and am closing a short sale on a 4 bedroom house in Port Orange today. The land closed in less than 30 days from offer date. The house offer took nearly 90 days to get approval. It would have taken even longer if I did not have the name and email of a supervisor to complain to. Once I complained - it was approved within 48 hours.
I would say so far, 60 days is not unusual. I would ask what ACTIONS are being taken by the agent and whether they have been assigned to a negotiator.
Phil & Lucy Hanner
Experienced Short Sales Agent
Accredited REO Agentâ„¢
Keller Williams Realty Florida Partners
3510 S. Nova Road, Suite 112
Port Orange, FL 32129
"Wait long. Strike fast."
Member South Daytona/Port Orange Chamber of Commerce
Member Central Florida Realty Investors