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Trulia, Other/Just Looking in San Francisco, CA

What's the typical process when buying a short sale?

Asked by Trulia, San Francisco, CA Mon Mar 5, 2012

How long does it take? What are some pitfalls?

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Short sales can be very tricky but it can be done. If the agent who has the property listed as a short sale has started the process before an offer is presented it can help in the process. The bank will order an appraisal of the property and depending on their findings can decide to accept or counter any offer presented. There is no set time frame but an offer can take up to 30 days or MORE just to get accepted. There are other issues that can arise and a short sale can take 3 or 4 months from the initial offer date until you can take possession of the property. If you would like more information please don't hesitate to contact me directly!
3 votes Thank Flag Link Mon Mar 5, 2012
Be patient!! :) Short sales can be good deals but they can take awhile to close. 2-5 months on average depending on the listing agent's knowledge, the bank involved, whether the homeowner is working out deal with one bank/one mortgage or two lenders/ 1st and 2nd mortgages. Pitfalls is home is "as is" and you can not typically purchase a short sale with the contingency of having to sell your current home. Hope that helps some!!
2 votes Thank Flag Link Mon Mar 5, 2012
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