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buying a short sale

Posted by on May. 6, 2013 at 5:11 PM
  • 25 Replies
We are thinking about putting an offer on a house that is a short sale. Any ideas on how long it takes to hear back from the bank on an offer or how long to close?
by on May. 6, 2013 at 5:11 PM
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Replies (1-10):
Luv.My.Kidz
by Bronze Member on May. 6, 2013 at 5:13 PM

good luck. My mom's house was going up for short sale.... we were told we had to move out within 2 weeks.... we did so.... and the house is still pending... that was 1 1/2 years ago. It's all because the 2nd mortgage won't release the deed. Find out how many mortgages are on the house first if you can.

codfish
by Member on May. 6, 2013 at 5:20 PM
The second has agreed to short sale. Not sure on the first.
a_and_j_momma
by on May. 6, 2013 at 7:10 PM
I bought a foreclosure but am too scared to do a short sale
tnovak
by Member on May. 6, 2013 at 7:46 PM

It all depends on the bank, my inlaws did a short sale and it took 9 months.

Idntreallycare
by Bronze Member on May. 6, 2013 at 7:47 PM

The realtor I talked to last week said that for a short sale it may take a few months to get everything done

nmaxwell816
by on May. 6, 2013 at 8:32 PM
I have no idea. But good luck
Lindalou907
by Bronze Member on May. 6, 2013 at 8:32 PM

It takes a LONG time, that's all I know. I've bought a couple of foreclosures, they are much easier. The thing with a short sale is while they are screwing around waiting to give you an answer you could'[ve already closed on something else, so make sure you REALLY like it and want it.

JohnnyCakes
by Member on May. 6, 2013 at 10:55 PM

We put an offer on a short sale lat the end of January. We have signed multiple extensions and our paperwork is now finally on the negotiators desk. The word is that Bank of America is horridly slow, the sellers agent said our negotiator is the most overworked and underpaid she's dealt with. We are sticking it out though, we love the property. If you can't see yourself waiting a MINIMUM of 90 days JUST to get approval, then it will likely be a waste of your time. What scares me is that we'll go to 120 days just to be counter offered or find out someone put a higher number in that we can't match.. OR that we'll go through inspection and there will be something major that will break the whole deal. It is what it is though. Before you put in an offer find out if the sellers agent has pre-submitted the paperwork to be approved. Ours was, and we offered full asking price and it's STILL taking this long. My older brother offered on a ss and they ended up foreclosing a few months later, so he offered the bank considerably less than his ss offer and closed on it in less than a month. Go figure! There's just really  no way to know how long it will take unfortunately... :/ 

Lots of luck to you, a short sale can be a great deal if it all works out! 

Jazzy2010
by New Member on May. 6, 2013 at 11:04 PM
My home sold as a short sale in 6 months in IL.
scorpiobabes
by Bronze Member on May. 7, 2013 at 7:58 AM
I sold my house via short sale in 2010. It depends on the bank, how long it's been listed, how much the bank wants. I listed it in April 2008, but started getting offers in 2009. Citibank kept waiting for a better offer; one buyer stuck it out but transferred it to his son at the last minute. It went for about $35k less than his highest offer. I think it took 6 months in all-from his first offer to signing it over.

Have patience, secure your financing in advance, and don't end your lease early! Best of luck-we're doing it again with my s/o's home, this time with Chase.
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