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How long do Short Sales take?-Richmond VA CDPE Short Sale Specialist

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Real Estate Broker/Owner with Equity First Realty VA BKR# 0225058489

How long do Short Sales take?-Richmond VA CDPE Short Sale Specialist


How long do short sales take? - Richmond VA CDPE Short Sale Specialist 

How Long Do Short Sales Take?

This is the million-dollar question. 

The short sale process, from submission to short sale approval, is generally as follows:

Submission of offer and complete short sale package from the seller. 
Bank acknowledges receipt -- 10 to 30 days. 
Bank orders a Brokers Price Opinion (BPO) or appraisal -- 15 to 60 days. 
File is reviewed -- 30 to 60 days. 
Negotiator is assigned -- 30 to 60 days. 
Level II negotiator may be assigned -- 30 to 60 days. 
File is approved or rejected -- 60 to 120 days. 
If you're running past 120 days, it's possible that the listing agent or a third-party negotiator is not on the ball and is lax about calling the bank. Calling the bank means waiting on hold anywhere from 10 minutes to a few hours.


Or, a lengthy short sale period can also mean the bank has internal problems, not enough staff or has lost the file a few times, prompting the listing agent to resend the package over and over.

It can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser.

Unfortunately, you can't always avoid problems on a short sale. Patience is key. You'll most likely eventually get short sale approval. Threatening to walk away means nothing to the bank. Your best bet is to stick it out and wait, providing you truly want the home. Make sure to work with a Realtor who specializes in the short sales.

Time is of the essence!

Contact Marcus ASAP for questions and answers to see if a short sale is the best option for you!

 

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The Marcus & Tonya Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savy realtors with over 11 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virgina real estate news and more...

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The Marcus Rice Team
RE/MAX Allegiance
 13204 Hull Street Rd. 
Midlothian, VA 23112

Call Marcus at 804-247-8187
Office 804-419-1420

www.richmondvahome.com
email: remaxrice@live.com
Short Sale Site: http://www.cdpe.com/profile/view/19070

Certified Distressed Property Expert

Posted by

Marcus E. Rice - Principal Broker, CDPE

Comments (8)

Brett Reichel
Homebridge Financial Services - Rancho Cucamonga, CA
MLO 210215

Nice post and I think a very true one.  I've found short sales take anywhere from two weeks to 6 months......whoo boy...

Brett

Mar 26, 2011 06:17 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Very true if it has gone on for more than 120 days something is afoot.

Mar 26, 2011 06:27 PM
Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

Brett,

You are so right, you just got to be diligent and patient.

Mar 26, 2011 06:34 PM
Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

Tim,

Our right, but thank God most of my short sale are 50 days. Thanks for sharing...

Mar 26, 2011 06:35 PM
Jon Quist
REALTY EXECUTIVES ARIZONA TERRITORY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

That's a really complex answer. The reality is that it pretty much always takes longer than it should, but hopefully not as long as it used to take!

Mar 26, 2011 06:37 PM
Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning Marcus, excellent input for the home owner in trouble.

Mar 26, 2011 10:24 PM
Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

Jon,

You right it is a complex answer, I'm just happy 9 out of 10 close for me and my clients....

Mar 27, 2011 04:20 PM
Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

Dan,

Thanks for your comment, these homeowners need all the help they can get.

Mar 27, 2011 04:21 PM