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.
It all depends on the bank, my inlaws did a short sale and it took 9 months.
The realtor I talked to last week said that for a short sale it may take a few months to get everything done
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.
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!
Connect with CafeMom:
Switch to Mobile Site
Getting Started Guide
Frequently Asked Questions
Part of the CafeMom family
© 2014 CMI Marketing, Inc. All rights reserved.
Already Joined? LOG IN