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Peaceandpow…, Real Estate Pro in Hurd, ME

What is the longest a short sale can take? Can the house be sold as is?

Asked by Peaceandpowerparenting, Hurd, ME Mon Jul 30, 2012

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Ive had short sales that took over 2 years, Ive had some take less than a month. The average is maybe 3-5 months from list to close. Yes you can sell your home as-is.
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0 votes Thank Flag Link Wed Aug 8, 2012
I've had short sales go as long as 14 months and as short as 2. There is no constant. And, yes, a house can be sold AS-IS,
0 votes Thank Flag Link Mon Aug 6, 2012
We do a ton of shorts sales and have discovered one constant …

There are NO constants.

We’ve received approval in under a week and we’ve endured on others for over 18 months. There is no real answer for “what is the longest” – it totally depends on the myriad of details specific to each transaction. The industry average is still about 6 months. It also depends on who is actually running the transaction – we use professional mitigators who do nothing but handle short sales all day long every day - they can usually get things done much faster than an inexperienced agent who doesn’t do any kind of short sales volume.

As for "AS-IS" ... every short sale we do is sold "AS-IS". There is no one to make any improvements - than bank won't and the seller is losing their home and can't be expected to kick in anything.
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0 votes Thank Flag Link Mon Aug 6, 2012
The longest short sale I did was 15 months when the seller had to file couple times of BK to avoid the foreclosure. And when the bk was discharged, teh buyer walked and the file had to start all over again. It was not an easy short sale to handle. When the loan is behind too long, the investors can have reason to foreclose the house while the short sale is in process. It all depends...

The good thing was, we got this short sale closed after 15 months. My advice is to act it earlier when you need to make that decision to avoid the foreclosure date been scheduled. Yes, most of the short sale are sold 'AS IS', as the sellers run out of money to pay the mortgage, not to speak of doing any repair. It is up to the listing agent to deal with the bank to take a lower price if the property is in bad shape . Call me for any help or question at 562-331-0047
0 votes Thank Flag Link Tue Jul 31, 2012
First, many short sales are sold 'as is'. The seller is netting zero out of the sale and often does not have the funds or desire to fix anything. Short sales can take longer than a year if a bankruptcy is involved.
Good luck,
0 votes Thank Flag Link Mon Jul 30, 2012
Linda nailed it! There could be as many as 4 entities that have to approve your sale and if even 1 of them balks at the offer, you may have to start ALL over. Best of luck though, you'll be glad you kept yourself out of foreclosure.
0 votes Thank Flag Link Mon Jul 30, 2012
It all depends on the servicer. Some servicers will review your request upfront, order an appraisal and as soon as a good offer comes in, can close within 30-60 days. Most of the delay at this point is with the second lien if there is one and can delay the process for more than 60 days. The house will be sold in as-is condition with no repairs and the homeowner is not expected to do any repairs. This will be disclosed to all prospective homebuyers.
0 votes Thank Flag Link Mon Jul 30, 2012
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