How long to close once short sale has been approved?

Asked by John, Corona, CA Mon Dec 8, 2008

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13
Robert Chome…, , San Diego, CA
Tue Feb 28, 2012
If you have a full written approval from all lienholders should be a standard 30 day or less close. It will depend on how fast your lender can fund.
0 votes
Fadel Gad, , Egypt, AR
Tue Feb 28, 2012
How long to close once short sale
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Jan 10, 2012
In my experience, once all approvals have been received the bank will be eager to close quickly. This presents a challenge to the buyer to complete financing and secure the CO if required.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Jan 10, 2012
In my experience, once all approvals have been received the bank will be eager to close quickly. This presents a challenge to the buyer to complete financing and secure the CO if required.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Cameron Novak, Agent, Corona, CA
Tue Jan 10, 2012
In our experience... If you have full approval from all lienholders, you can close in as fast as about 5 days. If the buyer is financing, you'll need to allow time for the loan process to play out (usually 30 days). Your situation may be different and you should contact your broker for information specific to your transaction.

Good luck with your transaction!

Cameron
Real Estate Broker
0 votes
Scott Slocum, , Fort Myers, FL
Tue Dec 9, 2008
John,

At Florida Future Realty Inc. in Cape Coral FL we have found that once approved you will have 30 days or less to close. This is usually transmitted in a written document outlining all the terms and conditions of the sale.

We have found that many buyers don't get everything prepared to close till this letter comes through. Bad Idea !!! You should have everything done with your mortgage lender with the exception of the Appraisal and your Home Inspection. With only these conditions left to clear you should have a smooth closing.

Please read this article for more insight: How to buy a Short Sale Home - Six Step Process to a Successful Purchase http://www.cape-coral-real-estate-blog.com/cape-coral-short-…

Scott Slocum, REALTOR®
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
mailto:scottslocum@floridafutureagents.com
http://CapeCoralRealEstateandLand.com - Search ALL the Homes For Sale
http://Cape-Coral-Real-Estate-Blog.com - Important Real Estate Information & More
0 votes
Diana Margala, Agent, Rancho Cucamonga, CA
Tue Dec 9, 2008
Hi John:

It will take as long as your lender needs to close the escrow, however the bank (that holds the note on the property) may only allow up to 30 days. If they only allow 30 days then your lender needs to perform in that amount of time. I have had to close them in 14 days but everything was in place so that it could go that fast. The listing agent needs to have good communication with the bank and make sure that it doesn't go up for sale prior to you being able to close the deal. They need to also make sure that the amount that they indicated that the bank was going to net, is the amount they will net by the time it closes and they need to be in contact with your lender and Realtor to make sure every one is on the same page and doing what they can to close it as soon as possible.

Diana 909-945-5763
Web Reference:  http://www.DianaM.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon Dec 8, 2008
once you have lender approval for the short sale, the escrow should take a normal amount of time....your lender should be able to advise you on how long to close the loan.
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CJ Brasiel, Agent, San Jose, CA
Mon Dec 8, 2008
John -

There is no set time but assume the bank/corporation will want the shortest period of time (sometimes 10 days) and the buyer's contract most likely will want a minimum of 30 days. The bank/corporation can fine the seller a per diem charge for everyday the escrow is late closing so behooves all to make sure the date is negotiated appropriately.

CJ
Web Reference:  http://www.TalkToCJ.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Dec 8, 2008
John,

Because of the large number of variables, it is difficult to specify a length of time. A smooth transaction could close in 30-60 days.
0 votes
Robert Vaugh…, Agent, Riverside, CA
Mon Dec 8, 2008
John,

I am a certified short sale specialist located in Corona.

Please let me know if I can be of any further assistance.

Robert Vaughan
Broker/Owner
951-963-0163 x1001
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Dec 8, 2008
The standard close is approx. 30 days however with a bank can vary from 30 - 60 days, only person contact person is the title company who puts together the entire file OR listing agent . Request your buyers agent to follow up with these professionals. You need to have an inspection, appraisal, all doc's sent to title company Much more involved with paperwork than one could ever imagine for purchasing or selling a property.
Web Reference:  http://www.lynn911.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Dec 8, 2008
It depends on what was agreed upon by the bank holding the mortgage, usually in the acceptance paperwork it will state that the deal must close within a certain amount of time or say this acceptance is good through 12/30/2008 per say. Check with the listing agent or person who negiated teh sale to see what the time frame is, then check with the buyers agent how quick the buyers mortgage compnay needs to generate their paperwork to get to the closing attorney to close. good luck and hope this helps
Web Reference:  http://www.ScottSellsNH.com
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