Iâ€™ve personally had Short Sales completed in a month to one currently listed now running into its 9th (investor owned with a second, bank just had a BPO performed for the value so something is happening finally) but average time is 3 to 6.
Now there are circumstances that factor into the equation of the Short Sale process:
1) Is there a true hardship, the majority of the time there is but then you do have a small percentage are just running from the negative equality of home value vs current loan or loans?
2) Which brings me to the next factor which is a biggie, the dreaded 'Second', you know one of those 100% loans (80/20 loan), and is this second loan with a different Bank or investment group?
3) Does the Seller currently live in the property or have they moved out, if they have and changed their mailing address the home is no longer considered their primary residence, some Banks will now place them in the investor category unless a job transfer, medical or military transfer to name a very few reasons for not being in the property comes into play. Now having said that some Real Estate Agents ask the Seller to move out to facilitate cleaning the house and making it easier to show, the Seller keeps his mailing address at the home, because the home is vacant doesnâ€™t change the time factor much just gets quicker offers.
4) Was the value of the home when listed at a market value the Bank will entertain offers at or is it a tad low attracting multiple Buyers and are these being forwarded to the Bank? Once the Seller signs an offer Agents are supposed to pend the home in the MLS with the option of accepting backups. Now this is another biggie, if a Short Sale Addendum to Purchase and Sale Contract is included per your Agent or the Sellers Agent try to negotiate out number 5 dealing with â€˜Multiple Offersâ€™.
5) How is offer to buy the property structured?
6) Has the Seller stopped making payments totally? Is there good reason for it? Most Banks will not entertain a Short Sale unless the Seller is past due.
7) Is the listing Agent working the Short Sale directly with a Bank or using an outside negotiation firm?
Now these are just a few off the top there are more factors that can throw blocks along the way adding time or denial of the offer to the process and I can go on.
Personally I donâ€™t use words like â€˜Specialistâ€™ or â€˜Expertâ€™ in explaining my knowledge and hands on experience helping both buyers and sellers of Short Sales although I have attended over 21 classes and seminars on the subject by some of the best in the industry.
As stated on my website:
'As short sale knowledgeable RealtorsÂ® we can guide you through the process quickly, discretely, and effortlessly as you instruct us to. We donâ€™t make any pie in the sky offers we'll leave that to the T.V. infomercials, print ads, internet sites and signs at the corner stoplights that scream promises and innuendos that for a fee they can make it go away'.
Good Luck and I hope this helps,
Visit my profile located here on Trulia, itâ€™s easy, just mouse over my picture and click.