How fast can you close on a short sale.?

Asked by Home Buyer in southfield, Bloomfield, MI Tue Feb 1, 2011

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5
Pam Bava, Agent, Rochester, MI
Tue Feb 1, 2011
Hi Glenda,

It's kind of a flip of a coin. There are no set guidelines for SS's. Each bank has there own way of doing things.
I have had banks want to close in a week, I've had them close in a month and I just closed one that took 5 months to get an answer from the bank and we closed last Friday.

Have your realtor speak to the listing agent to see how far along they are in the process.
If there have been other offers that have fallen through (sometimes people don't want to wait) that can help, they might have started the paperwork.
If the seller has complied with everything the bank or law firm needs, this is huge.
How long it has been on the market can possibly speed things up also.
Work with a Realtor that can help you with your questions.

Good luck
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Feb 1, 2011
When it comes to short sales, keep in mind they are by no means fast sales and much patience is needed, unfortunately there are no set standards of time as to how quickly one will close....
0 votes
Bill Eckler, Agent, Venice, FL
Tue Feb 1, 2011
Typically, the buyers and sellers could close a "warp speed".... on the other hand, the bank will likely slow the process by 4-6 months or even experience "mission failure."

Bill
0 votes
Jay M. Jones, Agent, Birmingham, MI
Tue Feb 1, 2011
That's a good one, Glenda. It depends on many different factors. Tony is correct, these items have to be in place for the closing to happen. How long? That is the kicker. If the short-sale has already been approved by the seller's lender and you can get your inspection and mortgage in order, I've seen short-sales close within two months. If you are dealing in cash, it could take only a few weeks--if everything else has been lined-up before your offer came in. On the other hand, I have seen short-sales take a year from the original offer if it was at the onset of the short-sale process and things didn't move smoothly. Assume you are going to be in it for a minimum of six months and you shouldn't be too disappointed--assuming, of course, that the seller's lender accepts the short-sale offer... That's a whole different topic. Good luck!
Web Reference:  http://www.MyRealtorJay.com
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Tue Feb 1, 2011
As soon as you have 3rd party approval, inspections completed, loan approval, and title work done.
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