Home Buying in Titusville>Question Details

Cwhitman51, Home Buyer in Titusville, FL

Why do Short Sales take so long to close? We have been looking to relocate to FL and found a home but problems with bank closing the deal....so

Asked by Cwhitman51, Titusville, FL Tue Jun 7, 2011

interested in homes in Port Saint John,Mims, Titusville, Subdivision or not. But prefer a realtor sale - only bank incentive sales.

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8
demantoid, Home Buyer, New Jersey
It should properly be called "The Messy Sale". The Most accurate description I've heard. You can get a plot of land & build quicker than a short sale, I have. The contractors are less to deal with than "The Messy Sale", because in 8 months I have been given 6 closing dates. None have happened. I had everything ready to go 6 months ago, yet time rolls on...............
0 votes Thank Flag Link Thu May 23, 2013
Short sales can be very difficult to deal with and the process can be extremely long and stressful.
0 votes Thank Flag Link Tue Jun 7, 2011
C,

Buying a home today is a lot like competing in the "high dive." In the world of diving, the short sale rates the highest "degree of difficulty". This dive requires the greated degree of execution and everything has to be timed and executed perfectly. There are so many things can go wrong with a short sale that many buyers elect to attempt the easier dives(regular sales & foreclosures) where things are more certain.

Bill
0 votes Thank Flag Link Tue Jun 7, 2011
You know there are loads of homes in the area and at some great prices, if you want a quick sale then look at those and leave the short sales alone, they will take up your time and wear you down!
0 votes Thank Flag Link Tue Jun 7, 2011
It is truly shameful when a willing, able and ready buyer can not close on a home that is advertised as being for sale. Unfortunately, your experience is not exceptional in any way. When dealing with short sales or bank owned properties it may be beneficial to make careful consideration of all the parties involved and then read this recent event experienced by a Florida homeowner.

http://moneyland.time.com/2011/06/06/homeowner-forecloses-on…

Now is a great time to buy. You will find exceptional value in both traditional and distressed sales. One category is relatively problem free.
0 votes Thank Flag Link Tue Jun 7, 2011
Short Sales have been a long and difficult process but the banks are moving quicker on the files. The Sellers also must be cooperative in the process as well. If you have a really good agent and title company working the file, the process is less stressful for the Buyer.

Erika Rogers
321-508-7661 cell
http://www.ErikaKRogers.com
0 votes Thank Flag Link Tue Jun 7, 2011
Hi, It takes awhile because of the process involved. The seller has a package of information to submit for approval first and then a negotiator steps in. If there is a second lien on the property that needs approval, that adds to the time. It really depends on what lending institution is doing the sale and how experienced they are with them. I would recommend working with an agent that has experience with these.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Tue Jun 7, 2011
Actually short sales are taking far less time than they were. You have to understand that a lot has to be done to do a short sale. Bank foreclosures take years sometimes and short sales take far less time because the owner is still in control until the bank finally takes the home over . Typically it is taking around 5-6 months or less depending on the bank. These banks have millions of these that they are working on.
The best deals in Real Estate in Florida right now are short sales. I am selling homes for up to $200-300,000 less than they were before so you can get a really good deal on a short sale. If it were me I would bite the bullet and wait for a short sale. You can always rent, either short or long term while you wait and you will save so much money in the long run it will be worth it in the long run. Taxes, insurance, mortgage payments will all be a lot less if you buy a short sale. I highly recommend it. Dale McMahan, Coldwell Banker Sun Land Realty, Indian Harbour Beach, Fl. (321) 432-4334 Call me anytime with any questions regarding property here in Florida
0 votes Thank Flag Link Tue Jun 7, 2011
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