Our cash offer on a short sale was accepted, How long till closing???

Asked by Renee, Arizona Fri May 15, 2009

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Stew Keene, Agent, Scottsdale, AZ
Fri May 15, 2009

Where the heck is your Realtor? That would be a great question for him/her to answer.

Good Luck!

Stew Keene
Signature Realty Group
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Grace Olson-…, Agent, Long Beach, CA
Fri May 15, 2009
Renee, Ahhh, if only it was that easy. I have a 1/2 dozen short sale listings in negotiations right now. I have gotten an approval in as little as 21 days, and I have waited almost 6 months on others!

A cash offer is treated like any other offer in the short sale process. The list agent is responsible for submitting that offer, along with a package of information about the seller (hardship explanation, financial proof, etc) to all lien holders. The lien holder(s) can take 30 - 90 days (on average) to process the short sale application. When the lien holder approves the seller's package, and the terms of your offer, then you begin a normal escrow period. With a cash offer, that can be 5 - 15 days, depending on the type of property and the contingencies in your offer.

Patience and consistent follow up (to the listing agent) are the key to a short sale -- and keep your eyes open for other possible properties, because there is no guarantee the lien holder will approve a short pay.

Best of luck! Grace
Web Reference:  http://www.SoCalGrace.com
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