Home Buying in Astoria>Question Details

Faraz Sidddi…, Home Buyer in Astoria, NY

short sales process how much times it takes to buy a short sale house.

Asked by Faraz Sidddiqui, Astoria, NY Thu Jun 16, 2011

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Anna Brocco’s answer
There are no set standards as to how long a short sale may take--much will depend on who is negotiating the sale, the number of lenders involved, any other liens, how quickly the seller submits required documention, etc.
1 vote Thank Flag Link Thu Jun 16, 2011
It vary,
The most important thing is WHO IS DOING THE SHORT SALE!!!
a prophessional short sale guy can make it in 3-4 months, while a short sales wonna-be will take 12-18 months if at all he will manage to keep the negotiation alive.

If you have a house you like to make a short sale feel free to call me at any time and view my web site for approved and ready to go short sales.

Saar Elazar
Web Reference: http://www.qbhomes.com
0 votes Thank Flag Link Fri Jun 17, 2011
It takes 30 days after you've decided that you've waited long enough.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Jun 17, 2011
It depends on a number of factors: the Bank, the negotiators & whether it is an all cash deal or not. So on average expect 4 months. To get a head start you should get pre-qualified with a lender.
0 votes Thank Flag Link Thu Jun 16, 2011
Depend on the Bank (that owns the property), the RE AGent and the Negociater. If you have a good team you can be done in 2 months. I seen some go as long as 9 months to a year. It drove me nuts!!! It motivated me to set up a 'fast track team', I've since learned some banks are slow and others are on line and quick. Sooo..I'm saying its a case by case scenario. There are fast foreclosure deals weekly. How serious are YOU?!
When or IF you're serious;
0 votes Thank Flag Link Thu Jun 16, 2011
Each bank is a little, your agent should have all the papperwork
right before submiting an offer on the property. This also cuts down
the duration of the entire process by putting pressure on the
banks, which is obviously a great benefit for you as well.My deal
with most banks have gone very well, no complaints.
Web Reference: http://www.desire2own.com
0 votes Thank Flag Link Thu Jun 16, 2011
Agree with most answers, depends on bank. But if you are lucky to get a Wachovia short sale, these are the least amount of time for a short sale. Why? Because :

They didn't sell their loans, so don't need outside approval
They don't need to know everything about your financial situation, including your dogs name.
They sometimes offer the seller up to $5,000 cash back on a short sale
They don't care if you live in the home or use it as a rental
They won't come after you for the difference
They can usually give approvals on short sales in 10 days or less.

Companies like Chase Bank really are slow. Bank of America is okay.

If you can go for a regular sale / flip property. They can close faster..
0 votes Thank Flag Link Thu Jun 16, 2011
Short sales can be quite frustrating for some. The key to getting through it successfully is as others have already stated. In addition, you need to make sure that you have an experienced agent educated in short sales on both ends of the transaction. The buyer agent needs to know what questions to ask the listing agent and the listing agent needs to know how to get through the process. Go to the http://www.cdpe.com website and do your research. You will find much information about the agent and their experience there. This is an excellent place to begin to find an agent to represent you.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Jun 16, 2011
Faraz, the time it takes depends on the ability of the mortgage holder to move it forward. Some banks move very quickly and others take an exceedingly long time.

If you do not have the time to wait, a short sale may not be the answer for you.
Web Reference: http://gailgladstone.com
0 votes Thank Flag Link Thu Jun 16, 2011
Hi Faraz,

Nirmala is right. It generally takes 2 to 6 months. There is no way to know how long. Each bank is different.
If I can be of any help just call or email me.

Allen Bauman
Licensed R.E. Agent
Century21 Yve R.E.
NYS Certified Residential Appraiser
0 votes Thank Flag Link Thu Jun 16, 2011
Dear Faraz,

Based on my experience, in deals where the buyer is paying all cash, apprx. 2 months. In transactions where the buyer is financing the deal, apprx. 6 months. Each bank and transaction is different, so some transactions may close soon or much longer but hopefully you are getting a great deal.

Good luck.
0 votes Thank Flag Link Thu Jun 16, 2011
0 votes Thank Flag Link Thu Jun 16, 2011
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