About how long does the short sale process usually take?? Ive heard of some of them taking almost a year to close.
Typically, assuming the owner has filled out the entire short sale package.....you should get a yeah or nay within 30-60 days from contract submittal....depending upon the experience of the person submitting/handling it, the lender, number of junior liens, etc. Closing typically within 30 days of receiving the Approval Letter.
ALWAYS get a title search upfront....I did it before contract execution.....you have to know how many moving pieces there might be and how to structure the offer.
Anywhere from days to years. Average 3-4 months.
And its a lot of price haggling too?? I was talking to a friend who purchased his house through a short sale, and it took nearly a year because they couldnt come up with a price agreement.
Oh ok, i was thinking of doing that to purchase my first house
I hope you are a patient person.
@Terelle LeCount The bank will be looking for close to market value, like any other “seller”. Short sales are not necessarily a bargain.
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