Are any of you doing SHORT SALES and if so How long are Short sales taking for you?

Asked by Alejandro Peraza, Studio City, CA Sat Dec 13, 2008

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11
Audra McColl…, Agent, Miami, FL
Sun Feb 1, 2009
Last year in So Fla we called Short Sales 'Long Sales', but now it's picking up. I've heard this is due to TARP funds helping to fund small bonuses (like $2K) when the deals are approved, but I'm not sure if this is actually true.
1 vote
Alexandra Pa…, Agent, Montebello, CA
Tue Dec 16, 2008
Depending on the bank they are taking 30-45 days. I work as a team with several people. If you have any questions you can contact me.
1 vote
., , Los Angeles, CA
Sun Feb 1, 2009
Here is the problem. A short sale is usually excited by a breach or threat of no longer making payments. If the loan is current - NO WAY! Otherwise the loan will require the seller to make good on the deficient amount and then replace the loan - in thins market - NO WAY. Depending on the delinquency and the Originators (sellers) position and willingness to abide by the Trustees demands, it’s unsure what your dealing with. Read attached -

The Trustee shall promptly notify the Seller , as the case may be, of such breach and request that the Seller or AHMC, as the case may be, shall, within 90 days from the date that the Seller , as the case may be, was notified or otherwise obtained knowledge of such breach, either (i) cure such breach in all material respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set forth in Section 2.02; provided that if such breach would cause the Mortgage Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days from the date such breach was discovered.
0 votes
The Edrington…, Agent, Chattanooga, TN
Sun Feb 1, 2009
Short sale can take up to six months, depending on the lending institution. TheEdringtonTeam.com

We love referrals. Know any body coming to Chattanooga, TN?

We cover Southeast Tennessee and North Georgia,

423.394.SELL
0 votes
Bill Eckler, Agent, Venice, FL
Sun Feb 1, 2009
In our location, bank pre-approved short sales are closing quickly,6-8 weeks. Others are consistantly in the 3-5 month time frame.
0 votes
., , Los Angeles, CA
Sat Jan 31, 2009
They really do not exist. technically. If your offer wwas accepted and no deal,,,,then you may have a claim and the lender or servicer had no power to negotiate. There is your claim. Lawyers call Modification Efforts a Failure. An attorney trade group has released a report that calls the voluntary effort by U.S. mortgage servicers to modify loans a failure. The structure of loan securitizations, threat of litigation and lack of cooperation from junior lienholders are creating roadblocks. The group is calling for cramdown legislation and court-supervised modifications.

In foreclosure? First, ask for the evidence that they assited you in a mandatory borrower workout effort including presenting you with various options as an alternative to foreclosure. Also ask for them to repsond to a Qualified Written Request as mandated by HUD. The Written request should emphasize the need for evidencing the live promissiory note and not existing agreements amongst the lender parties giving rise to conflict over the loans delinquent status. Ask who is the holder in due course and permission to contact that party
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Dec 16, 2008
i am finding 3 to 6 months from start to either closing or blow up. some banks are better than others but it is very frustrating and stressfull for all involved including the agents, buyer and seller.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Jacqueline W…, Agent, Irvine, CA
Sat Dec 13, 2008
I service Clients in Orange and San Diego counties and short sales dominate both markets in most all but the higher end neighborhoods. The length of time it takes to complete a short sale ranges from 30 days (if the bank has already approved the sale and completed the bpo and you are going in with the second or third buyer) to never (if the seller does not really qualify and the agent is just using the low priced listing to generate buyer leads). To be successful in this market, you need to educate yourself about short sales, learn how to evaluate feasibility of their success and be able to assess the skill set of the Seller's agent. If you don't you will end up spinning your wheels. If you do, you will be able to negotiate some hot deals for your Clients. Good Luck:-)
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sat Dec 13, 2008
We are doing them and my office does quite a few. They are terribly slow and frustrating for all parties concerned.
Web Reference:  http://www.doreneslavitz.com
0 votes
Kathleen Bar…, Agent, Santa Barbara, CA
Sat Dec 13, 2008
/Short sales take a lot of time and patience, as well as a good relationship with the bank(s) holding the loan(s). I sent an accepted offer to Countrywide in June and received the final ok in late September. Then there was one month escrow before final closing.
There are a of details that need to be addressed; be sure to read the contract carefully, with your client, and review with your experienced escrow officer so that the buyer receives a property free and clear of all liens previously on the property regarding debt.
0 votes
Dp2, , Virginia
Sat Dec 13, 2008
If you haven't done at least 10 short sales, then you probably should get some help--specifically with a short-sale negotiator.

Short sales often end up taking a lot of time. The amount of time differs from deal to deal, because it depends on lots of factors: the number of liens on the property, who initiated the foreclosure action (if any), whether the seller has filed for bankruptcy, etc. Sometimes, it takes as little as 1-2 months, and sometimes it takes more than 6 months.
0 votes
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