Only time for a quick post today. This one’s about how long a short sale takes. They’re rarely short.
Lawyerly Disclaimer: This is just the story of 1 transaction. All short sales are different, your mileage may vary.
I have a short sale listing. We got five offers within the first week of being on the market. Most of the offers were over list price, but none was enough to make it not a short sale. Four of the five were cash buyers.
I sent the offers to the seller’s lender in the first week of April.
The seller’s lender sent me their approval of the short sale last week, the first week of June.
It took the seller’s lender 2 months to decide whether they’d allow a short sale. In my experience that’s pretty quick.
During that two months, two of the potential buyers walked away. Another two hung in there but privately told me they were looking elsewhere while they waited. Only one buyer hung in, and stopped looking at other properties.
Just sayin. (follow me on Twitter)
Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.
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{ 2 comments… read them below or add one }
Dean – that’s a GREAT point. Thanks for sharing..
Heather, what is going to be interesting is to see how some of these that were started a month ago fair when then get approved in 4-6 weeks. With the continuing rise of interest rates how many of these finance buyers are now going to be priced out of houses they previously could have afforded?