What does a fast short sale mean? and what is the differance from a normal short sale?

Asked by Donna, Macomb, MI Fri Apr 10, 2009

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Ed & Cindy K…, Agent, Shelby Township, MI
Fri Apr 10, 2009
Donna most of the larger banks do take a while to get you an approval but many of the local banks and credit unions work really quick. The only way to know on a certain property is to have your agent talk to the listing agent.

We have personally had a few local banks give us an answer in a day. That's because we have contact with the bank attorney. But we currently have one with a very large bank that is telling us we can close within 30 days. But our seller, Ed and I have been on top of it. It all depends on the agents, the sellers situation and bank.
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Carolnjr, Home Buyer, Sterling Heights, MI
Fri Apr 10, 2009
Sorry, there is no such animal as a short "short sale". Probably if you make an offer and get it approved in 60 to 90 days, that might mean it is a short short sale. You must be prepared to wait it out until the bank deems it ready to proceed with an offer. Most banks have no personal involvement in the sale of the property, they just think of it as money. therefore your priorities mean nothing to them.
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Derek Bauer, Agent, South Lyon, MI
Fri Apr 10, 2009
Donna,

I agree with Sheri. Short sales can try the patience of all parties in that some take months and months without any resolution, ever. I have done others that came together and closed inside of 75 days. What you are referring to is likely where the bank has already given an approval that they will sell the property, short.

If we can be of any assistance, please let us know, and be sure to visit http://DoorToDreams.com for all of your real estate needs, in addition to searching multiple MLS systems.

Derek Bauer, Associate Broker / Realtor
Real Estate One
Derek@DoorToDreams.com
0 votes
Sheri Moritz, Agent, Raleigh, NC
Fri Apr 10, 2009
Most likely they already have an approval on a certain price from the bank so it wont take as long to get the short sale closed.
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