What is the average time on market for a short sale?

Asked by thecomputerdesk, 54639 Thu Jan 23, 2014

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Roger Peters…, Agent, Woodbury, MN
Thu Jan 23, 2014
Both of the previous answers are correct. But what I have found buy closing the several short sales that I have closed is simply said: From the time you list the property and the time you get an accepted offer can take about 10 days to 60 days on the average. Now the negotiations with the mortgage company to accept the offer and then to closing, can take another 60 to 120 days on an average. There are some things to do that can speed up the process....

Roger Petersen Broker/Agent
1 vote
Susan Hoffla…, Agent, Shoreview, MN
Fri Jan 24, 2014
Hello, thecomputerdesk!
Well, here's the thing, the market is transitioning back to far more traditional sales. This is because of the upswing in the economy. Some areas are still struggling more than others. As a result of this turn around, many lenders are not accepting short sales as readily as they were even, say, a year ago.

That said, it's still working for some, but they are much more difficult to get approved, especially if there is more than one mortgage on the property. So, all in all, it can take 4-6 months or even more, before you know whether or not it will happen at all!

I would advise, if at all possible, steer clear of short sales altogether.

Good luck~
Web Reference:  http://www.homestosellmn.com
0 votes
Chris Greene, Agent, Woodbury, MN
Thu Jan 23, 2014
If the stars align and the Gods smile on you 4-6 months. The reality is most lenders are no longer interested in doing short sales and they are getting harder and harder to get approved. I closed one in December that took 7 months. It was the "Perfect" short sale that should have taken 4 or less.
0 votes
Gary Kelemen, Agent, Woodbury, MN
Thu Jan 23, 2014
IN case you missed my response in the other window...

There are so many factors to consider in each individual sale that dictate how long the process lasts. I have heard 4-6 months from a number of sources, but as Agent Block indicates below, one was fast and the other is taking longer.

Ultimately, the the amount owed to the lending institution compared to the selling value of the home is what will get the deal closed. Depending on the mood of the bank officer that day/week/month.

If there is a particular situation that you would like to discuss with me, I'd be happy to help.

Gary Kelemen Homes
0 votes
Matt Tabrizi, Agent, Woodbury, MN
Thu Jan 23, 2014
The question is too general to have a specific answer for. Properties that require a short sale arrangement are subject to market dynamics as any other property hat goes on the market for sale. How long they stay on market before they have an accepted contract (time on market) depends on their location, condition, amenities, price and acceptable terms as well as their specific market trends, again like other non-short sale properties for sale. Your question may be answered better if you provide some of those information for the property that you are considering or the type of properties that you are interested in. Let us know if you would like more info on the topic.
0 votes
Christopher…, Agent, Bloomington, MN
Thu Jan 23, 2014
3-6 months.

Christopher Block
0 votes
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