Home Buying in Pico Rivera>Question Details

corinastorres, Home Buyer in Downey, CA

how long can short sales last?

Asked by corinastorres, Downey, CA Fri Nov 30, 2012

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This question was asked from this property: http://www.trulia.com/property/3044289690-8946-True-Ave-Pico…

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7
Some shortsale will take about 2 months while others may take years. We have submitted an offer on a shortsale late 2011 and my client gave up on the property by mid 2012. Seller tried BK, and loan mod. Delaying the process for months, today 2013 property hasn't sold yet. There’re many situations involved. Liens, buyer, and lender approval.
Hope this helps. Let me know if you have any specific question
0 votes Thank Flag Link Wed Jan 30, 2013
Much will depend on the number of liens involved, who is negotiating the sale on behalf of the seller, is/was required paperwork submitted in a timely fashion, circumstances, etc.
0 votes Thank Flag Link Sat Dec 1, 2012
In one short sale I was approved by the bank in a month and the buyer closed escrow in 15 days, so a total of 45 days. I have heard some go over a year. It all depends on the bank, subordinate liens, and the buyer.
0 votes Thank Flag Link Sat Dec 1, 2012
While most short sales can close in about 6-8 months, I've got one reaching the 1 year anniversary with 2 of the 4 lienholders still holding out. I think this one may close in 18-22 months, if at all.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Nov 30, 2012
You are not going to like this answer:

If you have to ask that question; you should not do a SHORTSALE.
0 votes Thank Flag Link Fri Nov 30, 2012
by most people's standards, the answer is...............too long

:)
0 votes Thank Flag Link Fri Nov 30, 2012
Short sales can take from 3 months to a year
0 votes Thank Flag Link Fri Nov 30, 2012
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