How long do short sales in Southern Florida take these days?

Asked by blazeindt, Boca Raton, FL Sun Jul 14, 2013

I heard they aren't taking as much time to complete? Are we talking 2 months now on avg?

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Antonio Vega…, Agent, Saint Cloud, FL
Sun Jul 14, 2013
Yes they are somewhat faster, partly because most banks are using a system called Equator to upload and keep tract of paperwork and task. However, they still take 45 to 90 days on the low side and I have still seen some taking close to a year. So the answer is, there is no pattern. And remember that you could wait 6 months for the bank to answer with "we want more money" than the offer was for. Or for "NO, we rather foreclose on it". So try going after a foreclosure while there are some left...or look into traditional sales.
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marc jablon, Agent, Boca Raton, FL
Sun Jul 14, 2013
There are some short sales that take 30-45 days, if you are fortunate. These typically take place when the very large banks are involved.

But there are many that take 6 - 9 months or longer, depending upon the bank involved and the investor attached to that mortgage.

If you're looking for a home in Boca Raton and you have a deadline by which you must move, you may find a short sale problematical.

However, if you have time and patience, and you are aware that 1) typically 2/3 of short sales do not work out, and that 2) banks often change the price you were planning to pay when they finally give you a response to your contract offer, then a short sale may bring you the Boca Raton home you have been waiting for.

Marc Jablon
Johnson and Johnson Team Realty
561-213-6139
jablonteam@gmail.com
http://www.JablonTeam.com
0 votes
Dean Emly, Agent, Boca Raton, FL
Sun Jul 14, 2013
HI Blazeindt,

Short sales are taking an average of about 45-days from point of the bank receiving the purchase offer until that bank makes a decision. All banks have a specific "short sale department"...so they are MUCH FASTER now than 3-4 years ago. I have a great deal of experience with these should you be interested in buying or need help in selling one.

Dean Emly, SRES, CDPE
"Certified Short-Sale Specialist"
Keller-Williams Realty/Boca Raton
demly49@yahoo.com
561-901-7808 direct
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