Home Buying in Brooklyn>Question Details

slick14life, Home Buyer in Brooklyn, NY

What is the average time for a short sale on a condo in Bklyn NY these days?Is it true there is a law for a 30 day turn around decision from the bank?

Asked by slick14life, Brooklyn, NY Sun Aug 26, 2012

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I think you are referring to a "guideline" (not a law) introduced by Fannie and Freddie. See the link below.
0 votes Thank Flag Link Sun Sep 2, 2012
30 day turnaround?

If only...........
0 votes Thank Flag Link Sun Aug 26, 2012
Currently there are no laws that require a turnaround from a short sale. (In a dream world, this would be great). I have had banks make decisions, and then say that a higher authority at the bank will have to approve the decision. Seems like the banks have it all figured out (JK).
0 votes Thank Flag Link Sun Aug 26, 2012
Dear Slick14life:

There are no laws currently in effect that require a 30 day turnaround. Although sometimes a short sale can go through within a month, in most cases it will be more like six months. At least that is what I see from my experience. Keep in mind that regular non-short sale closings take 2.5 to 3 months as well. If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Aug 26, 2012
Average time does vary, much will depend on the number of liens involved, who is negotiating the sale on behalf of the owner, was/is the seller providing the required paperwork in a timely fashion, etc.; therefore your agent, and or attorney can better advise as it relates to the specific situation....
0 votes Thank Flag Link Sun Aug 26, 2012
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