Foreclosure in Florida>Question Details

ezrenew, Home Seller in Fort Myers, FL

How long does it take for closing short sale property under 80k?

Asked by ezrenew, Fort Myers, FL Sun Nov 13, 2011

How long usually does it take to close docs if buying short sale property 80k (cash) in Fort Myers?

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If the short sale has been approved by the bank and you are paying cash the bank will have given you a closing date. If you are paying cash it may expedite the closing process however the title company will still need time to make sure the title is clean and issue a title insurance policy.
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 ….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)…the cash may give you in advantage in securing a short sale property
1 vote Thank Flag Link Sun Nov 13, 2011
Buying a short sale in any area can be an EZ experience, or it can take awhile. It will depend on the seller being approved by their lender and their hardship being approved. In other words the seller has 2 approvals. One, that they can do the short sale. AND the second is having the offer approved. It your seller is approved and the offer is fair market value, you are looking at 45 days to 6 months. Why so long potentially? Is there a second mortgage, back HOA dues or other liens that need to be paid off in order to close? Those are the issues you face. Some go quickly, others seem to collect dust.

A professional negotiation team, a primary residence with only one mortgage and no other liens is EZ.

Debbie Albert, PA
Keller Williams Treasure Coast
1 vote Thank Flag Link Sun Nov 13, 2011
Impossible to answer. Getting the approval for $80k first, then within 30 days(hopefully)!
1 vote Thank Flag Link Sun Nov 13, 2011
Hi Ezrenew -
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.

Jeff Smith
HOM Sotheby's International Realty
1 vote Thank Flag Link Sun Nov 13, 2011
Hi, Each lender handles short sales differently. Time frame varies especially if there is a second lien holder on the property. You are also at the mercy of the bank, they need to do a Broker Price Opinion and an appraisal. Hopefull the seller filled their package out properyl otherwise that can stall the process as well. So basically it's hard to tell without knowing the players involved. My advice, stay on top of everybody and make sure your side is ready to go.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
1 vote Thank Flag Link Sun Nov 13, 2011
No matter the price, it really depends on the lender and each is different; there are no set standards of time until the closing table.....
0 votes Thank Flag Link Sun Nov 13, 2011
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