How long it takes to buy a short sale in Ca?

Asked by Ivonne, Indio, CA Tue Oct 26, 2010

I put an offer on a short sale house, but I just hear that it can take up to 1 year to get an answer from the bank. Is this true? if not how long can I expect to be waiting, also what happen if I make an offer on another short sale at the same time, since there is no guaranty for me at lease i can have a second option . Is this possibly right?

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4
Stephen McKee, Agent, Riverside, CA
Tue Oct 26, 2010
One company is as short an 45 days. Another is as long as 18 months. Here's a hint stay far away from BofA.
1 vote
John Arendsen, Agent, Leucadia, CA
Sat Apr 16, 2011
We've done them in two weeks. But then there's a couple we've been working on for over a year. Just depends on the bank and their motivation.
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Tue Oct 26, 2010
I have closed short sales in as little as 45 days and I also had one that went on for more than six months. It does depend somewhat on the agent, but there are, generally, two agents working on the transaction so you might have a great agent and the other agent might not be working your transaction as hard. Or, in the case of the six month transaction I had, the lender that holds the note might be completely unreasonable and hold up the transaction for no good reason.

My advice on a short sale, do not get personally invested in the home. Be willing to walk away from the transaction. Ethically, you should only put offers on homes you are prepared to purchase. There is a short sale addendum that you should add to your offer that allows you to set the timeline - and if the listing side can't pull it together by the date you impose, move on. I have closed every short sale transaction I have been involved in, just be patient but pushy.
0 votes
Paul Segal, Agent, Palm Desert, CA
Tue Oct 26, 2010
You need an agent who knows how to negotiate through a short sale. Not all of them do, but THINK they do. A year is extreme, but 3-6 months is realistic.
0 votes
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