Home Buying in Bristow>Question Details

Shawn, Home Buyer in Bristow, OK

What is the average timeline to purchase a short-sale?

Asked by Shawn, Bristow, OK Fri May 15, 2009

I see some places have "amount pre-approved by lender", "third-party approval", etc. I just wonder what is a realistic time frame from offer to closing?

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There's not really a real good answer to this question Shawn because a short sale has so many factors. If you have a good Realtor working for the seller, a good negotiator working for the bank, and it's a small bank then you can close 30 days from making the offer. If it's one of the larger lenders like Chase, Wells Fargo, etc then you are more than likely looking at 3-6 months.

If you are looking for a definite closing date then a short sale is probably not what you are looking for. If you are flexible on when you are able to move into the property than they can be excellent properties because most time they are kept in better condition than homes that have been foreclosed on and you can get great prices. I hope that answered your question at least a little.
Web Reference: http://www.OKLocations.com
1 vote Thank Flag Link Sat May 16, 2009
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