Tammy Hayes, Realtor
Punta Gorda, FL
On a short sale, unless the "price" has been approved by the lender, there is no guarantee you can buy it even for the full asking price.
Nevertheless, with smaller, local banks there is a much better chance of getting a deal done quickly. Last week we received approval for a SS in less than 30 days. Local bank. On the other hand, I have been working on SS's with larger banks that have gone on for months and months. One just feel apart after 13 months and we are worried about another that is pushing 12.
There are some in Congress pushing for a bill that would require banks to make a decision in 45 days. I am doubtful that this will lead to more SS approvals but at least it will help get buyers out of limbo.
If time is of the essence, we strongly recommend avoiding short sales as an option. Being very familiar with the North Port, Port Charlotte, Punta Gorda markets, we acn confidently say that there are many great options available in the "foreclosed" market.
Foreclosures typically require a fraction of the time necessary to close a short sale. Additionally, with short sales there is no guarantee that a 4-6 month waiting period will net the results for which you are waiting. It has been our experience that far more short sales fail to close than those that do.
A foreclosure can close in 30-45 days while short sales in this location require 4-6 months of uncertainty....
We would be happy to provide you with some sample property that would meet your needs and time frame.
Best wishes with your search.
Michael Saunders & Company
Short sales are anything but. You don't control the time frame, the bank does. Our office works witha lot of short sale sellers, and before the property is listed, everything that could be done from the seller's side is done. It still takes at least 60 - 90 days. However in that rare instance, it has gone fast.
With a short sale, you might get a great deal. Its your patience that is sretched to the limit.
There is no set time frame. There are many variables with short sales. It depends on who the lender is, what their current work load is, if a negotiator has been assigned to the file and much more. I have 3 short sales right now that are "Streamlined" which means the seller of the home does not have to produce any financial docs to the lender so the lender does not have to review the file and approve the seller for the short sale. The bank has agreed to approve the short sale it is just a matter of the bank receiving an acceptable offer and they will issue an approval letter. This is not the case with most short sales.
What is your timeline for closing?
A good time "RANGE" is 60-90 days to get an approval letter or final response from the bank from the time the short sale package is submitted. Again this is to be used as a guideline only because there is no norm. The best thing you can do is get an agent that will work as a buyers agent for you that is experienced in short sales & he or she can get more specific details from the sellers agent on the time line for that specific short sale.
Hope this helps. I know it is a lot of information so please feel free to call me direct at 941.468.4485.
Bob Davies, CDPE