Jackie C. Lindsay

Hello Steve:
About how long take close a short sale that depends to the bank, in a short sale the seller have the ownership of the house and is trying to negotiate with the bank the sale price, the bank agree to accept less than the loan amount, before the accept a home for short sale condition the owner have to try to sale the property and fill what the bank call as a hardship packgage (the name can be diferent in each bank), the bank can take between 3 to 12 weeks to take the decision if they will accept the buyers offer, sometimes the seller have more than one bank involve and that takes more time to accept the offers.
In a Bank Owned property, the seller is no more involve with the property, at that point the bank have the decision about how much is the house market value. For a bank owned usually takes between 2 to 5 days to accept the offer or not, also depends on the numbers of offer the bank recieve ,but is no exact time neither for a short sale or bank owned to make a decision. At the time the bank accept the offer the time for closing depends if the buyer have all the documents for a mortgage or is cash deal, is a normal closing sale between 2 weeks to 30 days or the time the buyer can close the deal.
For more information you can visit http://shortsalecenter.com
or send me an email at jackie@orlandoareare.com with any other questions - Thu May 8 2008, 12:05