There is no black and white answer on how long it takes to short sale your house. The short sale process is moving way faster than even a few months ago. For the first time ever, banks seem to be encouraging short sales over foreclosures in most cases. Here is a sample of how long it may take to short sale your home. It may short or longer, but at least this is an idea.
day 1 - you list the home for sale and provide your real estate agent with permission to talk to the bank on your behalf and also the financial information requested by the bank
day 2 - information is presented to the bank online or by fax
day 2-5 bank enters the information into their system
day 5-8 bank reviews the information and orders a bpo on complete file
days 8-15 - bpo is completed and presented to the bank ( a bpo is a mini appraisal usually done by another real estate agent)
day 15- 18 - file is completed and sent to negotiator who forwards the file to the investor
day 18-38 - investor reviews the file
day 38-58 - offer is presented to the buyer and negotiated between the agent and the seller and the buyer and the bank
day 58-78 - approval letter comes from the bank
day 78-110 - escrow and closing unless the buyer backs out and the whole process starts again.
Durning this process the real estate agent stays in constant contact with the bank and the negotiator.
LORI BOWERS
http://www.desertareahousingmarket.com
The Lori Bowers Group
A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs
La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.
78065 Main St., Suite 107
Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
Hi Lori -
Thanks for this break down of buying a short sale home. It's a perfect way to get a home buyer to understand how exactly it works. Kudos!