Home Buying in Orlando>Question Details

Nyasha, Home Buyer in 32808

how long does it take to purchase a short sale home?

Asked by Nyasha, 32808 Tue Mar 29, 2011

Help the community by answering this question:


Good morning.
There are many factors affecting the time frame to purchase and close a short-sale listing.
On the assumption of a qualified or cash buyer, most delays are experienced primarily with either the seller(s), the seller(s) lender/Bank or the short-sale negotiator assigned to the file.
I’ve seen pre-approved short-sale listings close in a little as a few weeks from executed & effective contract, all the way to over a year and then failing to close.
Truly short-sale listings have to be taken on a case-by-case basis, and if you have a good buyers agent who is familiar with the short-sale process this will help tremendously and save you potentially wasted time chasing deals that may never get approved, and focus on those that are more likely to do so.

Hope this helps as nobody can provide you a definitive answer to your question.

If I can assist you in any way, please feel free to contact me at your convenience.



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0 votes Thank Flag Link Tue Mar 29, 2011
The answer to this question depends on the Bank, the Seller, and the Agents involved. If the Seller is helpful in getting all thier information to the Bank in a timley manner then the process will go a lot faster. Also, the knowledge and agrissiveness of both the Seller's agent and the Buyer's agent (if given premission by the Seller) can help speed up the process by continually following up with the bank on what information they need in order to get the deal closed. I would tell you that if you have all of the above, then you can get a deal done fairly quickly. The last two short sales that I have worked on have been closed in 2 months or less from contract execution. The good news is, is that the banks are getting a bit easier to deal with.
I hope that this helps and if you have any questions or need any help, I would be glad to assist you.
Aaron Ruben
Coverstone Realty, LLC
1 vote Thank Flag Link Tue Mar 29, 2011
6 weeks to 18 months - and it is very ugly. DO NOT do a short sale if you can not wait to hear the bank will not sell it to you.
1 vote Thank Flag Link Tue Mar 29, 2011
Hi Nyasha!
Generally speaking, it depends on the people who are negotiating/mitigating the short sale on behalf of the seller. If they are not very experienced with short sales, it can take 6+ months! Generally I can close a short sale in as little as 45 days, but it's generally 3 to 6 months simply because short sales are notorious for hitting snags. It's important that the Realtor representing you AND the seller understands the short sale process and knows how to navigate through these snags. It's about 80% experience and 20% education, 50% elbow grease and 50% flexibility. That's 200%... which is the about of effort that any Realtor dealing with a short sale must be willing to put forth. Short sales are worth the time and effort though - it's a win/win situation for the buyer, seller, lender, and the real estate market as a whole. :)
Good luck!
0 votes Thank Flag Link Tue Apr 5, 2011
Too long........................
0 votes Thank Flag Link Tue Mar 29, 2011
If you can find one where the bank has approved the price, should be within 45 days. The skill and knowledge of the listing agent is critical to an easy process.
0 votes Thank Flag Link Tue Mar 29, 2011
Hi Nyasha,

If you've got the time and the patience to wait it out upwards of 12+months...then short sales are for you. If you want to close in 15, 30, 60 days.....then foreclosures and or traditional sales will be your favorite!!!!
Let me know if I can help!

Carol Bauza
Keller Williams Advantage Realty
0 votes Thank Flag Link Tue Mar 29, 2011
Hello Nyasha

You asked:
how long does it take to purchase a short sale home?

In the past 6 months in Orlando 991 properties closed. On average it took 148 days to contract and 253 to close (approximately 8.5 months).
Search for homes CLICK HERE:

Need More Information? Please visit us @ http://topvaluesinorlando.com/

Mike Luzzo
Charles Rutenberg Realty
933 Lee Road, Suite 300
Orlando, FL 32810
Office: (407) 622-2122
Cell: (407) 222-4545
Fax: 407-442-0615
0 votes Thank Flag Link Tue Mar 29, 2011

Chris is exactly right!

James, III
0 votes Thank Flag Link Tue Mar 29, 2011
It all depends on each and every situation! I've seen short sales take 4 and 5 months.. I have contracts in on a few right now, and both are getting close to hitting the 1 month mark..

If you need any help feel free to contact me. I'm a local real estate agent in Orlando
0 votes Thank Flag Link Tue Mar 29, 2011
My shortest took 30 days, longest 9 months. But the worst part is the ones that were on regular communication for 4 or 5 months to then tell you it will not happen.

Only buy a short-sale if you have time on your side. If you need something for sure get a Foreclosure.

Tony Vega
Charles Rutenberg Realty

0 votes Thank Flag Link Tue Mar 29, 2011
My fastest short sale deal was also to easiest sale I ever made. Got a call on March 10th from a foreign buyer, made the offer 2 days later, and he closed on April 7th. My longest successful one was about 4 months. About 1/3rd of mine have never closed because the deal fell through.

BOTTOM LINE: You never really know.
0 votes Thank Flag Link Tue Mar 29, 2011

The previous answers were correct as far as it can take a long time, however, there are too many short sales (especially in the 32808 zip code you listed) in our market to completely ignore them. If you have the time to wait, have lot of patience and most importantly a good, diligent buyer's agent, there can be a lot of value in buying a short sale. A good buyer's agent can stay on top of the listing agent to ensure that you are getting updated on what the bank's are doing and they can also help you find properties that are further along in the process and might be easier to close than ones that haven't even started the negotiation process with the bank.

Feel free to contact me if you would like more info on short sale listings in the Pine Hills/Hiawassee area. I'd be glad to answer any questions that you have.

Melanie Thomas
Orlando Dreambuilders Team
AmeriTeam Realty
0 votes Thank Flag Link Tue Mar 29, 2011
At this time, it is unfortunate that short sales can take over a year. And, sometimes lenders file for foreclosure while a short sale is pending. When we write a purchase offer for our buyers for a short sale, we provide the opportunity for our buyers to walk away. We recently had buyers walk away from a short sale after 6 months.
0 votes Thank Flag Link Tue Mar 29, 2011
Two months to infinity.

Meaning you never get an answer onyour offer.
0 votes Thank Flag Link Tue Mar 29, 2011
The fastest I've seen one close is two months, the longest took over a year. Some never close as the seller often ends up having to file bankruptcy while waiting on the lender.
Web Reference: http://truesarasota.com
0 votes Thank Flag Link Tue Mar 29, 2011
It varies and there is not specific guaranteed time. The variable depend on the sellers finances and if they are in order. The person negotiating for the seller and the bank desire to actually get this done. There have been many processes put n place to expedite the sales and banks have jumped on board to tell us they are moving in the right direction in trying to get these homes settled, but in reality, if it gets done in 4 months from start to finish this a rare occurrence. Processes are hanging daily so every deal really stands on it's own.

The deals I have had great success was in 2 months and had already been in the process for over a year and we stepped in to purchase. The longest I have been involved in was 18 months and the bank refused to let the person sell after they agreed, and they ended up selling on the court house steps regardless of our court motion to postpone in order to close the deal at a 100% less then we had the contract for. Figure that one out.

If you have the time these are good opportunities. If you do not you might want to only look at Bank owned properties or normal sales.
0 votes Thank Flag Link Tue Mar 29, 2011
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