If I was interested in a house and made an offer, how long does it take to get possesion of a house in a short sale?

Asked by Prad, Ballwin, MO Thu Oct 15, 2009

This question is about this property: http://www.trulia.com/property/map/1034004177-4-Arbury-Ct-Bo…

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Peter McMahon, Agent, Farmingdale, NY
Thu Oct 15, 2009
Find out if the seller has been already negotiating with the bank. If so then 60-90 days may be reasonable. Otherwise the process can take up to 6 months without any guarantee that your offer will be accepted.
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Anna O'Reilly, , Naperville, IL
Thu Oct 15, 2009
Typically short sale offers are negotiated by the homeowner and then submitted to the bank for approval. While there are always exceptions, I think it is safe to allow anywhere from 60-90 days for bank approval. After approval as been received, you would then set a closing date, which is usually very quick. So allowing yourself up to 3-4 months is a pretty good estimate. When putting in a offer on a short sale, patience is a must, but good things come to those who wait, you may end up with your dream home at a great price!
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