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.
Iâ€™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.
RE/MAX Town Centre
Chris Godkin - Realtor Â®
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Cell Phone 407-361-0501
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I hope that this helps and if you have any questions or need any help, I would be glad to assist you.
Coverstone Realty, LLC
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. :)
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!
Keller Williams Advantage Realty
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).
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Need More Information? Please visit us @ http://topvaluesinorlando.com/
Charles Rutenberg Realty
933 Lee Road, Suite 300
Orlando, FL 32810
Office: (407) 622-2122
Cell: (407) 222-4545
If you need any help feel free to contact me. I'm a local real estate agent in Orlando
Only buy a short-sale if you have time on your side. If you need something for sure get a Foreclosure.
Charles Rutenberg Realty
BOTTOM LINE: You never really know.
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.
Orlando Dreambuilders Team
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.