Q: We placed an offer on a short sale home in August, and September 10th we got a bank negotiator for our offer. We have heard nothing since, it has now been 2 and a half months since we put the offer in. How long do short sales take?
?Nancy, Arbuckle, CA
A: Dear Arbuckle, CA
Short sales are a very time consuming process that will require tremendous patience from the potential buyer. The lender will be getting another valuation of the home based on the current market, then will be negotiating with the investors of the mortgage. I have done short sales that have taken 6 months to complete. All too often, however, buyers get frustrated an move on. If this is THE property you want, you will need to be patient and ask your Realtor to provide or request updates.
Good luck!
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
A: Depending on the servicer (the bank that services the loan) and the investor (the outfit that OWNS the note/loan) short sale approvals can take anywhere from 4 weeks to a year. The best person to find out more details is your agent. If you made the offer through the listing agent, ask if he or she has a negotiator or is handling the bank wrangling herself. If you used a buyer?s agent, your agent should try to find out as much as possible from the listing agent: Is the seller?s short sale package complete? Has the BPO been done? How many liens are against the property?
Sylvia Jonathan is a Realtor? at Coldwell Banker Platinum Properties in Irvine, CA
A: Hi, Sorry to say, short sales take a long time and sometimes even longer than that. If you are in a hurry, do not put an offer on a short sale. There is no way of knowing how long you may have to wait for an answer, and even then, the answer may not be the one you like. Good Luck.
Mary Diaz is a Realtor? with RE/MAX Action First in Tampa, FL.
A: Anywhere from 30 days at the quickest to never hearing back at all.
Paul Aspelin is a Realtor? with Beyond Homes Realty LLC in Victoria, MN.
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Related posts:
- How Do I Make An Offer On A Short Sale?
- Does The Type Of Loan Matter On A Short Sale Offer?
- How Long Does It Take To Hear If An Offer Is Accepted On A Short Sale?
- How Long Should I Wait For A Reply From The Bank On A Short Sale Offer?
- What Does ?Active/Pending Short-Sale? Mean On A Listing?
Source: http://www.realtor.com/blogs/2012/09/25/how-long-will-it-take-to-hear-back-on-a-short-sale-offer/
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