If the short sale has not been approved the short sale closing could take weeks, months and in some cases it can take years it all depends on how well the bank is responding.
Therefore, to summarize â€¦.Having cash on a short sale in my opinion will not really expedite the closing, as ultimately the bank will decide when its going to close ( standard clsoing usually takes 30 days if cash it can close in less than 15 days)â€¦the cash may give you in advantage in securing a short sale property
A professional negotiation team, a primary residence with only one mortgage and no other liens is EZ.
Debbie Albert, PA
Keller Williams Treasure Coast
I agree with Christopher on how each lender handles short sales differently and stay on top of everyone involved. Your all cash offer may be treated a bit better in this tight lending market, but in California (where I am), it most likely will not speed up the overall length of the entire process. My clients tend to keep looking while waiting for the bank's approval or rejection of the offer. There is no guarantee they will take the short sale but recent years have made it more favorable to the buyer. I have had short sales take as little as 3 months from start to finish and as long as 14 months. If you really want the condo hang in with a lot of patience. Good luck.
HOM Sotheby's International Realty
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group