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grata2d, Home Buyer in Cathedral City, CA

how long are short sales taking these days?

Asked by grata2d, Cathedral City, CA Fri Mar 15, 2013

This question was asked from http://www.trulia.com/property/3109044412-31085-Whispering-P…

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3
That is not an easy answer. From my experience it really depends on what cmpany holds the mortgage on the property. Some banks are moving quickly and some are still taking forever. For example, I had one buyer that wrote a contract and closed within 45 days and I have another buyer that wrote a contract four months ago and does not have an answer. The other big factor is weather the short sale has been approved, meaning that the bank has already agreed on a sales price. If this has happened the process moves along more quickly.
0 votes Thank Flag Link Fri Mar 15, 2013
You have to add in the factor that that Bank may not want to do a Shortsale at all!
HUD and Obama want the Banks to co-operate; but no one is overseeing them.
There is absolutely no penalty for dogging it, for not answering, or even for refusing.
Buyers have to realize this.
0 votes Thank Flag Link Fri Mar 15, 2013
There is really no good number, it largely depends on the lender and even the type of property....
And there is a difference if you intend to buy a short sale, is it an approved short sale or not yet
a set approved sale price has be set and agreed to by the lender....
A local Agent who has dealt recently with several short sales in your area of interest may have some
more detailed insight.
Good Luck to you

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0 votes Thank Flag Link Fri Mar 15, 2013
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