ONCE A BANK ACCEPTS YOUR OFFER HOW LONG DOES A SHORT SALE TAKE TO CLOSE?

Asked by Kyle, Tampa, FL Tue Feb 3, 2009

I PUT AN OFFER IN ON A SHORT SALE AND THE BANK COUNTER OFFERED AND I ACCEPTED IT. HOW LONG AM I LOOK AT BEFORE WE CLOSE ON THE HOUSE?

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6
Lisa Reeves, Agent, Tampa, FL
Tue Feb 3, 2009
Based upon my experience with short sales - the bank will send a letter to the listing agent with their expected closing date. It usually is not a lot of time. In most cases its somewhere between 15-30 days. It will be in the form of a document style letter usually and it will give figures for all of the line items for what the bank has agreed upon, from seller concessions, taxes, title insurance, realtor fees. It usually shows up within a few days of the acceptance of all parties. Should you need to extend beyond the date that the bank has given - you may have two options: 1. to pay any additional fees that go beyond what the bank has agreed upon, i.e. taxes that accrue each additional day past close or 2. have the bank go through the approval process.

I am happy to help with any other questions you might have the Tampa area.
1 vote
Tampashortsa…, Home Buyer, Tampa, FL
Mon Jul 6, 2009
Can I ask who the lender was? What % bellow BPO was offered and accepted? how long did it take for your offer to be countered?

Thanks

Mike
0 votes
Becky Slocum…, Agent, Tampa, FL
Wed Apr 29, 2009
30 days after acceptance so get ready to close! Yippee getting the acceptance is the hard part. Congratulations
0 votes
John Bennett, Agent, Orlando, FL
Wed Feb 4, 2009
Trick is to get them t accept. Lisa has great handle on this.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Feb 3, 2009
You need review closing date with buyers agent in your executed contract would place a date of anticipated close. Most instances 30 days - or +

Your buyers agent should be providing all contractual time lines up to close
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0 votes
Rick Frissell, Agent, Brandon, FL
Tue Feb 3, 2009
Interestingly, there is no rules when it comes to banks. I have had a short sale take 4 months for the bank to accept and offer and then give us a stipulation to close in two weeks. That can be tough when it is an FHA loan.

But, generally banks understand that a reasonable time is 30 days. If you have an accepted offer and you had no closing date conditioned, you should plan on closing in 30 days.

Rick Frissell
0 votes
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