im thinking of buying a short sale how long will it take from acceptance to final signing i have fund in bank

Asked by David, Tarpon Springs, FL Mon Nov 10, 2008

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John Coyner, Agent, Denver, CO
Mon Jan 5, 2009
A short sale can close as soon as 30 days but it can take as long as 3 or more months depending on the bank. That can be a problem since you are waiting to close and depending on the terms in the "contract to buy and sell", the bank may be able to accept new offers or withdraw. READ THE "CONTRACT TO BUY AND SELL" carefully. I had a short sale fall apart because the bank had a clause in their "contract to buy and sell" that stated they could change the contract price and also the Agent commissions up the closing. The bank chose to do both and the buyer said no after waiting almost 8 weeks.
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Alma Kee, Agent, Tampa, FL
Mon Jan 5, 2009
Dear David,

Michael is correct, it all depends on the specifics of the short sale. If you have the funds you are certainly at an advantage as often times houses come back on the market and a fast close with cash is very desirable by the lender.

Before you make your offer, just make sure to view competing properties to be sure you're getting the best deal. If the Short Sale property hasn't had an appraisal done (or Broker Price Opinion -BPO), it's possible a sale at the current asking price is not even possible. FNMA guarantee mortgages need 90% of the appraised value.

Also if you're able to pay "all cash" without financing, you may be able to buy directly at the courthouse for an even better bargain. You need a well experienced adviser to do that, however, since you could be stuck with liens that stick to the property after foreclosure auction.

Hope this helps.

Alma
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
813.244.9898
0 votes
Michael Cepa…, Agent, Tampa, FL
Mon Nov 10, 2008
Depends on several issues including, the listing agent, your agent, the lender, paperwork already completed, BPO completion, etc. If you would like some guidance, feel free to contact me. Good Luck
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