Home Buying in Apple Valley>Question Details

Craig Smith, Home Buyer in Apple Valley, MN

how long do short sales take?If I find something I like by the end of April, can it close by may31rst?

Asked by Craig Smith, Apple Valley, MN Tue Mar 30, 2010

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Gina Schedivy’s answer
Hi Craig. If you put an offer on a home in April,even if you get the seller to sign the paperwork, it may take the bank 30 - 60 days to approve the short sale. You can't close on a home being sold as a short sale until the bank approves the short sale. You may feel like you're getting a deal on a short sale purchase, but the time lines are not your own. The bank has a lot of work to do behind the scenes to approve a short sale. If you are a patient person the short sale purchase is the way to go. However, if your goal is to close in May buying a short sale property is not the way to go. If you are a renter and your lease is up at the end of May, you may want to consider your options. Perhaps you could try to find a short sale property, but extend your lease a couple of months on a month-to-month basis. You will need to make these lease arrangements in writing.

Let me know how I might be able to help you with your new home purchase.

Take care,
Gina Schedivy
Re/Max Results
Web Reference: http://www.gowithgina.com
1 vote Thank Flag Link Wed Mar 31, 2010
Craig,

There is no right answer to your question since there are many variables that can produce a wide range of outcomes. The moving parts in a short sale are the sellers current situation as it relates to why they need a short sale and whether they even qualify, the Realtor/negotiating team who has the listing since much of the work is on their shoulders, and thirdly the bank(s) who have the lien on the home. We use a full time negotiating team to work on our short sale listings once an accepted offer comes in but in the case of an FHA loan, it can still take upwards to a year. Now, most of our short sales take around 90 days to complete once an offer comes in but again, this can vary.

The market has improved leading to fewer short sale listings but we are still working them with success. Ask any of our past clients, some of their comments can be seen on my website.

Gail Strom
RE/MAX Results
952.220.4027
gail.strom@results.net
0 votes Thank Flag Link Tue Dec 10, 2013
There are no set standard of time as to how long a short sale can take to close--some banks are quicker than others and patience is oftentimes needed--If you are looking to take advantage of the first time buyer credit--You need to be in contract by April 30, 2010 and close by the end of June 2010. Your agent can best advise based on the short sale circumstances and give you a better guess estimate on time.
0 votes Thank Flag Link Tue Mar 30, 2010
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