how long can a short sell take? i have been under contact since feb. 5, 2008

Asked by Danielle, Stockbridge, GA Wed Jul 2, 2008

and we offered list price. It is now july and i was just wondering how long can they hold out when should we give up and look for another house?we really love this house .But our roomates just closed on their house and now we are stuck with all of the rent and its going to dip into our new house money.

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Lorie Gould, Agent, Duluth, GA
Wed Jul 2, 2008
Danielle, it can take a long while. The longest short sale I have witnessed took 6 months to have the contract accepted by the bank before it could close. There are no guarantees that the contract will be accepted by the bank.

I recommend to my clients to keep looking at homes while they are waiting on bank acceptance since one does not know what the banks answer will be and how long it will take. In a market with mortgage rates that are bouncing around, you could find a home that you like as much if not more that you can purchase. With the uncertainties that a short sale provides it makes it hard to lock in a rate because you do not know if and when you will close.

Keep in mind that deals can be a foreclosure, a short sale, or a normal listing. Do not limit yourself to short sale properties. They are properties that are selling for market value... the reason they are called short sales is because market value is less than what is owed. If they could sell the home for what is owed then it would not be listed as a possible short sale

Best of Luck and Happy House Hunting!
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