How long to buy a short sale house, with cash?

Asked by Nedkelly, Owatonna, MN Wed Mar 9, 2011

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6
Boris Russa…, Agent, Weston, FL
Wed Mar 9, 2011
While short sales can be bargains, they also can take a lot longer than bank-owned properties or regular sale. Some banks will negotiate in a timely manner on short sales but most will prioritize properties they have already repossessed.
It may take from 1 to 6 months.
1 vote
Christopher…, Agent, Bloomington, MN
Thu May 5, 2011
In Minnesota expect it to be about a 3month timeline if the home has already gone to sheriff sale. If it has not than there will probably be some other negotiations with the lender that might hold it up a little longer.

Also will depend on the BPO.

This is the single most important factor when it comes to Short Sales and can really cut down on the timeline.

There are a bunch of other factors to consider but it would be best to speak with someone that lists a lot of short sales down there.

Chris
651-307-7663
chris.block@dhbuyers.com
0 votes
Jane Allen P…, Agent, Cary, NC
Wed Mar 9, 2011
The length of time to buy a short sale house is not so much dependent on time it takes to get one's loan vs. paying cash. (as the loan process can be done fairly quickly in many situations), but rather the time it takes the bank(s) to reply to the offer. Always check to see if there is only 1 loan on the property or if there are 2 loans on the property. Also check to see if FHA or conventional loan. In cases where I have had 2 loans and FHA it took 4.5 months to even get a 1st response from the Bank(s) on Buyer's offer. AFterward, the 2 banks had to Both agree to amount they would be willing to accept (short of full loan, of course). One bank agreed ,the other did not. . . so we had to continue to deal with the second bank to get full agreement. . . took total of 5.5 months. Just closed another short sale, and it took almost 5 months to hear back, and we closed at 6th month point.
0 votes
Boris Russa…, Agent, Weston, FL
Wed Mar 9, 2011
0 votes
Phil Rotondo, Agent, Melbourne, FL
Wed Mar 9, 2011
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Mar 9, 2011
When it comes to short sales, there are no set standards of time as to how ling it will take to get to the closing table, no matter cash or loan...your agent can best advise.
0 votes
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