John Ammitzb…, Real Estate Pro in 07470

How long does the average short sale take to complete?

Asked by John Ammitzboll, 07470 Sat Oct 23, 2010

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8
When I hear 2-6 months, I think that process must be improving. I had one short sale close in January of this year, we were under contract in May '09, had a facilitator in the loop and all parties believed it would be a 3 month timeframe but in the end we didn't make it to closing until 8 months later. The buyer was so frustrated but did hang in there.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Oct 24, 2010
Obviously it depends on the bank and situation, but with BOA it seems to be 4 months. I've had them done in 2 months, take as long as 9 months.
0 votes Thank Flag Link Sun Oct 24, 2010
It all depends upon the lender. My experience has been 2 to 6 months.
0 votes Thank Flag Link Sun Oct 24, 2010
When I got my SFR certification earlier this year, a very prominent title company who closed a lot of them said 2 years for NJ. My experience has varied from one month to over a year. Depends on the bank.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sun Oct 24, 2010
Good Morning,

The last three Short sales I participated in were all different. One closed in 21 days, another took 8 months and the last took 4 months all from contract to closing date. It does depend on the lender. I also believe it depends on the how much contact the person working on the short sale (seller side) keeps with the lender as well as how they handle the contact at the lenders office. If you are working with the lender you need to stay in contact, get them everything they request in a timely matter, follow-up and be professional at all times while documenting every step of the way.

If you are working on a short sale, good luck.
0 votes Thank Flag Link Sun Oct 24, 2010
My experience has been approx 4-5 months, depending on who the lender is. I also think that retaining a lawyer could possibly expedite the process.

Hope this helps.
Donna M. Herb
Re/max of Cherry Hill
0 votes Thank Flag Link Sat Oct 23, 2010
It depends on who the lender is, whether there is 1, 2 or 3 mortgages, if there are new sunspots, plus the alignment of the sun, moon and stars in relation to the Andromeda galaxy. I tell our clients and customers 2-6 months which is usually the case, though I just closed one that took almost a year.
0 votes Thank Flag Link Sat Oct 23, 2010
In our area, Sarasota and Charlotte County, FL it is taking about 3-4 months to close on a short sale.

Tammy Hayes, Sandals Realty, Punta Gorda, FL
0 votes Thank Flag Link Sat Oct 23, 2010
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