We find the time it takes for a short sale is average 60 to 180 days. Bank owned homes take a lot less time, Here is a link to Cape Coral bank owned homes under 99K http://www.fortmyersnaplescapecoral.idxco.com/i/4114/CapeCor…

It all depends on which bank who owns the mortgage, and if there is a 1st and 2nd loan on the property. Short Sales have time constraints, there is nothing "short" about them. You want to find a Buyer's agent that has experience in working with the Short Sale process.

Christina Morabito
Realtor-lic. in the state of Florida

Century 21 Sunbelt Realty, Inc. http://www.TeamSantini.com
239-849-8500
Christina@TeamSantini.com

Hello Linda,

Nothing is certain in a short sale. Each deal is different. If you are prepared to wait 6 months then you are ready to enter into a short sale obligation. However, "Let the buyer beware". Anything can happen in that time. Such as your seller's going bankrupt and including the house, the seller might require a short sale addendum which allows them to take other offers on the house in addition to yours (puts you in a highest and best situation kinda like what is happening on foreclosures). The bank can sell out which could cause additional time and break down in negotiating.

You can get excellent buys on the short sales out there but you really have nothing to hold on to. Not even the dates for acceptance or closing. I generally keep in touch with the negotiators weekly for updates for my clients. Since I have clients all over the world making offers it is important to select a buyer's agent that has a time of experts that is capable of handling all of your needs. Let me know how I can further assist you. Until then please use http://www.swfloridahomebuyer.listingbook.com to search for up to date information on the Florida Gulfcoast MLS.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2009"
by Gulfshore Life Magazine
239-464-8620
sarahgarrett@argf.com

Linda: short sales are tricky at best. There are quite a few factors to consider. A short Sale will close pretty fast if the asking price is already approved by the Lender and could close as fast as a regular sale, otherwise it can take from 45 days to 65 days.
So that you don't waste your time you do need to work with a Realtor who has some experience with them. You have to be patient and determined. Like in baseball if you are hitting .300 on your short sale offers you are doing well.
Many short sales are listed at ridicoulous low prices just to attarct buyers. One of the bottom line is based on the relation between the Lender's negotiator and the listing agent, and some lenders will not even consider any negotiations before having a formal offer.If there is a good relation then your Realtor will know roughly how long it will take before closing. You want to be ready for a bumpy ride but if you stick with it you will get a great deal.


LLoyd Nichols
Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Search the MLS in Southwest Florida
Listingbook: http://lloydnswfloridahomes.listingbook.com/

Most of them never close as short sales and become foreclosures, therefore you need a great buyer's agent to tell you which ones are good and which ones to stay away from.

Linda,

As the other agents have indicated, there is no black and white answer to this. It depends on the lender, owner of the home and the listing agent. We have had short sales that close in 8 weeks and others that have taken a year.

If we can help you find a home, please call or e-mail us. We would be happy to help. We have closed dozens of short sales and would be happy to help you!

Sincerely,

Pat O'Neill
Sellstate Achievers Realty Network, Inc.
239-699-9656
patscheidt@hotmail.com

I echo Jay's answer below about time frames for short sale transactions. A recent survey about short sales determined that on average only 23% of all short sales ever close.

If you do decide to move forward with a short sale, here is a blog post detailing a list of questions that you should demand answers to prior to submitting an offer: http://www.gulfreturns.com/2008/09/buyer-tip-short-sale-ques…

Good luck with your search!

Linda,

It depends on the lender and the homeowner's situation. It also depends on what stage the short sale package is in. There is really not one set answer but if everything is completed and the process has already started with the bank from my experience you can expect between 30-60 days. I handle a lot of short sales and am intimately involved with negotiating them. If you need any help, please do not hesitate to contact me.

Erik Elsea
AmState Advantage Realty
239-405-4063 cell
erik@erikelsea.com

Could be anywhere from a couple weeks to over a year. There is no rhyme or reason to why, it is what it is... I just finally today got an acceptance on one I have had listed since May. Contract was written in May.. 6 Months.... I have had others that were closer to 12 months. While others have been done in less than 3 months
Alot depends on the Agents, the sellers and of course the Banks...

Jay LaGace
RE/MAX Realty Team
2326 Del Prado Blvd. S.
Cape Coral, FL 33990
239-443-8795 http://www.capecoralremax.com