Home Buying in Schaumburg>Question Details

barbs, Home Buyer in Des Plaines, IL

how long does it take for short sales home in Schaumburg,il.?

Asked by barbs, Des Plaines, IL Thu Aug 2, 2012

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Ron Thomas’ answer
If the Seller/Homeowner has not gotten a pre-approval from their Bank for the HARDSHIP; that will take priority, and will encompass 61 days.
The Seller/Homeowner, is basically a "rubber stamp" so they will sign the papers within 4 days.
You can absolutely count on it taking 79 days to get an ACCEPTANCE from the Bank.
It will take 6 business days for the ADDENDUM to be sent back to you, bureaucracies being what they are.
The Escrow will necessarily take 46 days.
Of course, you realize that every number is subject to change, and since no one is in CONTROL, no one is equally responsible for the changes.
And no matter how many people tell you that there is no set timetable for a Shortsale, you will continue to request one.
If you cannot resign yourself to this situation; you should not enter into a SHORTSALE.
1 vote Thank Flag Link Thu Aug 2, 2012
Your agent and or attorney can best answer your question...the time will vary and much will depend on the number of liens involved, who is negotiating the sale on behalf of the owner, did/is the seller providing all necessary paperwork to the lender in a timely fashion, etc.
1 vote Thank Flag Link Thu Aug 2, 2012
Great News... Mortgage Debt Forgiveness Act Extended

Please contact me if you would like to learn more about qualifying for a Short Sale, and learning more about your home's actual market value.

Ralph Binetti 630.707.1776
http://www.TeamBinneti.com
0 votes Thank Flag Link Mon Jan 7, 2013
I think that it would be better if someone in IL answered your question! It can vary, anywhere from 90 days to over 6 months. I've had both! I wish I could tell you with certainty how long it will take but there are no hard & fast answers.

Lyn Sims
RE/MAX Suburban
http://www.LynSims.net
(847)230-7324
Schaumburg
0 votes Thank Flag Link Sun Aug 5, 2012
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