Short Sale Timeline

Obviously the name, short sale, does not denote the amount of time it takes to complete a short sale.

We have been assisting sellers with their distressed home sales since they became common on the market from 2007. We have helped over 40 homeowners close on their short sale transactions.

From the time that we put a contract together between buyer and seller, the shortest time it has ever taken to get a written short sale approval in hand has been 2 weeks. However, this has been the exception not the rule.

In the beginning of 2008, we had a transaction take took 2 years from contract to closing, due to, we believe, the banks not having set systems in place for the process.

Procedures have been attempted such as the HAFA program. Home Affordability Foreclosure Alternative. The procedure was to give the homeowner a set price that the bank would accept and turnover was supposed to be completed with 6o days. They were to attempt to see if the borrower could do a loan modification first, and if not, they were to expedite the closing process of the short sale. We are involved in one now, it does not appear to be moving any quicker than the other short sales we are working on.

Is there a timeine? We would have to say from our experience, no. The negotiator that you get on the other end, the timeline of the investors to reply, these are the factors that you are at the mercy of.

Short sale homes are still a good investment because you generally will pay less for one than other regular home sales on the market. But if the timeline is too long, in some instances the short sales price has met the regular market price.

Please contact us, Marie Avery and Terri Ayers, at 941-358-1818, if you have any questions about our Florida Real Estate short sale market.

“IMPORTANT NOTICE: RE/MAX Alliance Group is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.”

About Marie Avery

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