If paying cash for a short sell, is it faster closing?

Asked by Btexpress27, Montgomery, AL Sun Feb 24, 2013

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Yanoska Diaz, Agent, Miami, FL
Sun Feb 24, 2013
Getting the short sale approved by the Lender will take the same amount of time. From that point to closing a cash transaction should close faster just like any other type of purchase.
1 vote
Rick Payne As…, Agent, Norcross, GA
Sun Feb 24, 2013
Good Afternoon Btexpress27,

You have received very good responses. The Short Sale Process requires more time for closing. However, your cash position does put you in a very good position. Of course, no time frame for closing the normal loan process. alos, if you Offer is acceptable to the bank they definitely like the cash closings , if for nothing else the speed of closing .

Please, feel free to contact me through my Trulia profile if you would like to discuss the process of Short Sale and Foreclosure. I specialize in both processes as a Buyer's Agent.

I look forward to hearing back from you and helping you find that perfect home.

Have a Wonderful Day,

Rick Payne
Keller Williams Realty
1 vote
Aleta C. Sau…, Agent, Atlanta, GA
Sun Feb 24, 2013
No. Unfortunately the process takes the same amount of time. They may approve your offer but the paperwork still will take the same amount of time.

Aleta C. Saunders
PalmerHouse Properties
678-849-6920 cell
404-759-2026 fax
1 vote
Isabel Elses…, Agent, Alpharetta, GA
Sun Feb 24, 2013
Since your not financing a new mortgage, yes it would be faster to get you closed.
Approximately 3 weeks faster to close your deal.

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Direct 770-307-8751
Fax 888-799-3184
Full Time from 1993-2013
1 vote
Michael Hamm…, Agent, Suwanee, GA
Sun Feb 24, 2013
This question gets asked often, Btexpress27, and the answer is generally the same. No, not on a Short Sale, but maybe Yes on a Foreclosure. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond





1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Tue Feb 26, 2013
While not two transactions are the same, normally a short sale process can take between 3 to 9 months. It really depends on the seller proving all the documentation, the negotiator (Bank) and the title company that handle the short sale. It will not make any difference if your offer is cash or finance.

Best of Luck,

Maria Cipollone

Century 21 Tenace

0 votes
John Juarez, Agent, Fremont, CA
Mon Feb 25, 2013
Yanoska and Isabel get a Thumbs Up!

The short sale approval period will most likely be the same with a cash offer as with a financed offer. That is the period during which the short sale lender evaluates the hardship and financial condition of the seller, evaluates the property and evaluates the buyer’s offer.

Once approval is granted, a cash buyer can close quicker than a financed buyer.
0 votes
Fred Yancy, Agent, Woodstock, GA
Sun Feb 24, 2013
Short answer is no. The likelihood of it being approved is greater but not faster. They have to go through the step by step processes regardless of how the property is being paid for.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Feb 24, 2013
NOPE. The bank is going to lose money because it is a short sale and they don't like that so they are in no big hurry to do so. A bank waiting an extra 3 weeks for a loan to go through is not even noticeable in a process that can take 4-5 months if it even happens at all. To the bank losing money it is all about how much they will lose, not the time to do it.
0 votes
Thank you Tim. Short sales won't work for me.
Flag Sun Feb 24, 2013
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