how long can short sales last?

Asked by corinastorres, Downey, CA Fri Nov 30, 2012

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This question was asked from this property: http://www.trulia.com/property/3044289690-8946-True-Ave-Pico…

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8
Alex Montelo…, Agent, Seal Beach, CA
Sat Mar 14, 2015
Fast forward to 2015... Short sales are so few these days the probably add up to only 1% of the inventory. Short sales typically take 3 months to a year depending on the circumstances. There are so many variables that can extend or complicate the short sale process. You would think that by now there would be a protocol that would expedite the process but now we have to consider that the banks have cut down on their staff in the past 2 years and now they have fewer people available to handle these types of transactions.
There are so many properties and homeowners that are now in positive equity positions that I now advise my clients/buyers not to pursue short sales. There are so many standard sales out there to choose from .

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes
Jacob Davila, Agent, La Habra, CA
Wed Jan 30, 2013
Some shortsale will take about 2 months while others may take years. We have submitted an offer on a shortsale late 2011 and my client gave up on the property by mid 2012. Seller tried BK, and loan mod. Delaying the process for months, today 2013 property hasn't sold yet. There’re many situations involved. Liens, buyer, and lender approval.
Hope this helps. Let me know if you have any specific question
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Dec 1, 2012
Much will depend on the number of liens involved, who is negotiating the sale on behalf of the seller, is/was required paperwork submitted in a timely fashion, circumstances, etc.
0 votes
Philip Cabral, Agent, San Jose, CA
Sat Dec 1, 2012
In one short sale I was approved by the bank in a month and the buyer closed escrow in 15 days, so a total of 45 days. I have heard some go over a year. It all depends on the bank, subordinate liens, and the buyer.
0 votes
Michael Cheng, Agent, San Jose, CA
Fri Nov 30, 2012
While most short sales can close in about 6-8 months, I've got one reaching the 1 year anniversary with 2 of the 4 lienholders still holding out. I think this one may close in 18-22 months, if at all.
Web Reference:  http://www.archershomes.com
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Nov 30, 2012
You are not going to like this answer:

If you have to ask that question; you should not do a SHORTSALE.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Fri Nov 30, 2012
by most people's standards, the answer is...............too long

:)
0 votes
Cindy Davis, Agent, San Diego, CA
Fri Nov 30, 2012
Short sales can take from 3 months to a year
0 votes
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