i made an offer for pre approval short sale house 2 days ago .how long does take to get the response and how long the whole process will take ?also

Asked by 2007, Philadelphia, PA Fri Oct 23, 2009

do you think i will be able to close by november 30 ?

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Chris & Step…, Agent, Philadelphia, PA
Sat Oct 24, 2009
I wrote a blog post titled "How Long Will a Short Sale Take?". Here is the link to our Blog called PhiladelphiaRealEstateVoice :

http://activerain.com/blogsview/1157792/philadelphia-short-s…

The process is not logical and it can be down right frustrating but if the Seller's Realtor is on top of things, there is a good chance that the Short Sale will be accepted in the end.

Good luck and I hoe this blog post helps you and others with the same question.

Stephanie
1 vote
Debe Maxwell, Agent, Charlotte, NC
Tue Apr 6, 2010
Stephanie Somers is absolutely correct and is an expert in short sales. Her blog post is a good read for you as well.

Good luck with it!

Debe
Web Reference:  http://www.SoldByDebe.com
0 votes
Mj, Home Buyer, San Diego, CA
Sat Oct 24, 2009
We are trying to purchase a home in San Diego and went through a short sale process only days ago... definitely NOT a pleasant experience. We were pre-approved, conventional loan, 20% down, A-paper, etc. They made us jump through hoops and hustle trying to meet our static closing date. We even completed our appraisal and inspection, which cost us $$ out of pocket ($$ we cannot get back). We did everything we were asked to do only to find out that the bank took back the house the day before our closing date. This same house will go back on the market as a foreclosure and will probably sell for less than what we were offering. ??? I wish someone had warned me. We, too, are trying to close by a certain date. I want my kids to have their own bedrooms by Christmas. What a waste of time. I say... stay away from short sales as much as possible.
0 votes
Chris & Step…, Agent, Philadelphia, PA
Sat Oct 24, 2009
P.S.

November 30th is a stretch unless the Seller's gent has been negotiating this with the Bank before your offer was even proposed.

Stephanie
0 votes
Elisa Dewees, Agent, Cherry Hill, NJ
Fri Oct 23, 2009
Short sales take any where from 45 days to months to close. If you just made the offer 2 days ago, it is unlikely you could settle by Nov. 30th. Short sale approval varies so much with each deal: does the seller have one or two loans (aka liens), have they already filled out the hardship package, has the bank assigned it to a processor? Good luck...hope you are one of the lucky buyers who gets a great priceand the bank closes the deal.
Elisa Dewees
RE/Max Main St. Realty
856-866-2525
Web Reference:  http://www.ElisaDewees.com
0 votes
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