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13 Comments on Eight Month Short Sale...is that Short?
Yes it can be like fast food that takes all lunch hour to get right. Some titles are decieving.
Gary, I've had some close in 90 days and some are still in process 6 months or better. Changes must be made...and perhaps the name Short Sale will ring true! Wow! 8 months...much, much too long in my opinion!
Gary, 8 months is way to long... From my experience short sales are more trouble then they're worth.
Gary,
that's a good topic if the buyer is patient can get a good deal and the seller needs to be patient for the answer from the lender, so there is not much that we can do if we are doing the right thing and we have the experience to handle the short sales, just we need to explain all parties how the process shall be so we can know ahead what to expect especially from the buyer's agent and buyer.
It is short as compared to a year and a half. All the best.
4 months! Luckily I had one of the best buyers ever.
One thing for sure..short does not imply time. I have been running about 6 months here with Wells Fargo and National City!
Gary, I've heard 90 days, and I have agents in my office that took 6 months to get the bank to approve a sale! I'm amazed that more short sales don't go into foreclosure....since you usually have to be behind on your payments before they will consider a short sale....correct?
I have a First Time Buyer who saw a condo for $15,000 less because it was a short sale. He wants to persue it! And wants to close by April 30 to get the First Time Tax Credit! I said, Yikes! then the listing expired, and I checked...it's been on the market for 322 days and has not sold! What does that say about "short"?
Hi Gary! Only ONE in under 90 days and one that is now going into month 10--AND there's only ONE lender! The one that was done under 90 days was with two! Go figure!
Yes, the title 'short sale' is deceiving--the bank is shorted the money and we're long on time!
Happy short selling!
Gary I've tried on several occasions and didn't settle on any of them - my buyers pulled the plug after about 90 days
Gary, according to NAR I think they state the average short sale took 110 to get lien holders approval... Hopefully things will start to shorten up as more and more short sales hit the market....
My last short sale took 8 months also.
Gary:
I have had short sales take over a year and tehn i just received an approval in two months. There is really no rhyme or reason to the process. The only thing that you can do is stay the course, have a regular rotation of calls on each short sale, keep track of foreclosure daedlines and cross your fingers!