Home Buying in Walnut>Question Details

Monilove, Home Buyer in Walnut, CA

how long do short sale/auction homes take before the buyer knows that they are in busibess with the house?

Asked by Monilove, Walnut, CA Sat Aug 8, 2009

at what point does the auction end? is there a magic number that the bank wants to hit or number of days on the market? at what point would i be able to rest assured in knowing that my offer is in competention with another?

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Answers

3
Kenny Tan’s answer
Monilove

The answer depends on the lenders, the number of loans on the property,. etc. It really is case by case basis. Typically it could take anywhere from 3 to 6 months or even a year. Short sale is not for every one . These days, banks don't offer up much discounts like they used to.
0 votes Thank Flag Link Sat Aug 11, 2012
Generally a short sale approval takes between 3-6 month then followed by escrow period that can take up to 45 days depending on your financing.

There isn't really a "magic" number that the lender want since it varies property by property. The lender will only approve a short sale knowing that they lose less than taking it to foreclosure auction or as bank owned sales.

The most important thing is to have your offer submit to the lender as lender only work with 1 offer at one time. They only wanted the agent/seller to submit the "best offer" and a lot of time, the agent get to pick which offer is the "best offer"

If you have other questions, please contact me any time

Jack Ma
0 votes Thank Flag Link Thu Oct 21, 2010
Monilove,

With short sales there really is no specific time line. Each bank is different and approval typically can take 2-6 months. Once the approval is obtained, escrow generally will be 30-45 days. When the bank accepts an offer then the competition will end and escrow will open.
Please let me know if you need any assistance.

Thank you,
Deborah Linden
Prudential California Realty
909-532-0404
0 votes Thank Flag Link Wed Aug 12, 2009
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