Short sale timeline estimates?

5 years ago

We are on week 18 after our offer was accepted by the seller on their short sale listing. There are 2 banks involved and an HOA so we new from the start it was a doozy. We have countered the banks counter about 6 weeks ago and heard today from the negotiator the bank has all their information they need and it’s “with management” meaning it shouldn‘t be too long no for an answer...anyone have experience with how long this might be...24hrs? 4weeks? Lol.

Sort by:Oldest

Comments (4)

aziline
5 years ago
Our first house was a short sale. It was just before things started to go south everywhere. The people I worked with couldn't believe how long it took us to buy it. The term short sale is sooooo misleading!

I feel your pain. The banks are in charge and you just gotta wait. Some agents may have a better feel as to low long a certain bank may take based on past sales but even that can end up very off.

Sit tight. If you want the house it'll all be worth it. Most likely also be a pain the the arse but worth it.
Denita
5 years ago
I've sold several short sales as a Realtor. You are right about the time - it takes quite a while and each lienholder goes on their own unknown schedule. As you know, short sale refers to the money being short (not enough to pay off the lien) - not the time line process for approval and closing. I once had a cash buyer for a short sale where the two mortgage lenders took months to approve and then once it was approved we had 24 hours to close. We did close on time, but it was rough. So be prepared. Have your HOA approval in hand (in addition to the HOA approval of the short sale) so all you have to do is close in case your short sale approval has a similar short window to close.
Related Professionals
Port Saint Lucie General Contractors · Frederick General Contractors · Rocky Mount General Contractors · Zanesville General Contractors · Worcester General Contractors · Montrose General Contractors · Olympia General Contractors · Covington Architects & Building Designers · Lafayette Architects & Building Designers · Allentown Architects & Building Designers · Richmond Kitchen Remodelers · Saint Joseph Kitchen Remodelers · Scranton Kitchen Remodelers · Boise Kitchen Remodelers · Bronx Kitchen Remodelers
summersrhythm_z6a
5 years ago
You can stop counting by weeks, and try to count by months. It will be a long journey ahead. :-) We are going through a short sale right now. The seller accepted our offer in the beginning of Feb, the bank accepted our offer in the middle of May. We offered high enough to cover their mortgage. We really love the property, and didn't want to waste time on counter offers. The seller had a tax lien against the house, they paid it off in the beginning of Aug, and the lien cleared from the county and state in the beginning of Sept. We supposed to close on Oct 1st, but that didn't happen. We are waiting on seller bank's short sale approval. It's almost there! :-) It's a long sale, but it's worth it. Love the property around my heart 3 times!
summersrhythm_z6a
5 years ago
We finally closed on the house after almost 10 months! So don’t give up your hope, one month at a time, you will get there. :-)