Home Buying in Westland>Question Details

Sashahotrod, Home Buyer in Westland, MI

how long does a short sale take if you are paying cash?

Asked by Sashahotrod, Westland, MI Tue Feb 12, 2013

This question was asked from this property: http://www.trulia.com/property/3096126750-30710-Palmer-Rd-We…

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It does not matter to the lien holder. What does matter is how many mortgages the seller has, and who they are with. Two mortgages, 4 - 9 months. One mortgage, 3-6 months. Remember, the sale is contingent on 3rd party approval/s and may not close at all. Hope this helps.
0 votes Thank Flag Link Fri Mar 1, 2013
It takes the same amount of time .
0 votes Thank Flag Link Fri Mar 1, 2013
Cash does not mean a quicker transaction when it comes to short sales. The thing that takes the longest amount of time is the bank reviewing the current owners situation and approving them doing a short sale. They also must approve a short sale price, (the amount the bank is willing to accept). After a short sale is agreed upon by the bank it is a quick process as most of the time the buyer has started the approval process with their mortgage company. It depends on the company that the current mortgage is with, some move quickly 4-6 weeks and some seem to take forever - many months! Your agent may have a sense how quickly the specific company moves.
0 votes Thank Flag Link Wed Feb 13, 2013
It normally takes about the same time to complete but it all depends on if there is one or two mortgages and if the seller has all their docs in to the bank. Its hard to say unfortunately!!! Not much difference if cash or not!!
0 votes Thank Flag Link Wed Feb 13, 2013
The same amount of time as a mortgage. I've been doing short sales for over 5 years and a cash sale does not get processed any faster than a conventional or FHA mortgage. A cash sale only speeds up the actual closing after the short sale has been approved. The bank doesn't really care where their money is coming from, they are only concerned that they are getting the most money possible. Short sales can run anywhere from 3 months to as long as a year.

Kathy Persha, Realtor
Nextage Advanced Realty
0 votes Thank Flag Link Wed Feb 13, 2013
The main driver on the time frame for a short sale is the lender approval process. That can take anywhere from a quick 1-2 months up to a year or more. After the approval, you can close within a week with a cash purchase, which would be a couple of weeks faster than a financed purchase. More importantly, doing a cash purchase gives you a much higher chance to win the deal in the first place.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Feb 13, 2013
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