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Old 03-13-2012, 01:51 PM
 
Location: Stamford, CT
37 posts, read 37,677 times
Reputation: 66
Default So how long does a short sale really take?

I figured I would post this message to chronicle my own short sale process. I have searched the web for "short sale in CT" to try to get firsthand accounts of how long short sales actually take. The answer ranges anywhere from 3-6 months. Hopefully my sale will close on the shorter end of the spectrum. Below is the timeline so far:

12/01/2011 - House Listed for sale in Norwalk, CT
03/08/2012 - My (backup) offer was accepted by the seller. Offer was 80% of list price. (98 days after being listed)
03/13/2012 - My attorney has received the contract from the seller's attorney. I am meeting with him tomorrow to review/sign the papers.

I am doing everything in my power to move the process along as quickly as possible. I contacted my lawyer and my mortgage broker the same day my offer was accepted. From what I have read however, the speed depends mainly on the bank. I will provide updates as the process moves along
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Old 03-13-2012, 02:52 PM
 
Location: Connecticut
13,848 posts, read 21,192,191 times
Reputation: 2978
I am going to move this to the Real Estate forum where it can get more answers. Jay
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Old 03-13-2012, 02:54 PM
 
Location: Central, CT
743 posts, read 761,753 times
Reputation: 282
There's no standard answer...

I fiund this forum looking for the same answer actually. We were in a short sale 3 months after the offer was accepted before our FIRST response from the owner's bank. The communication was a response to resend the original application. A month later no response from bank...we pulled our offer as the market had fallen further and it was no longer a deal worth waiting for.

We're mostly at the bottom...slight fluctuations for comparable sales or lack thereof. Waiting could be worthwhile. Depends on the home and available comparable homes. Consider how long you're loan rate is good for since they're nudging back up. Also short sale waiting is best if you don't need to sell or re-sign a year long lease.
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Old 03-13-2012, 02:58 PM
 
Location: Philadelphia
243 posts, read 366,740 times
Reputation: 160
A week. I mean a day.I mean a weekday. There is no set time that a short sale could take. Each loan is different and each seller is in a different situation. I have closed a short sale in 3 weeks and I have closed one in nine months. All i can guarantee you is you will get your acceptance or rejection on a weekday.
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Old 03-13-2012, 08:15 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,801,414 times
Reputation: 2093
You can find a lot of other timelines here:

New Shortsale Timelines
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Old 03-16-2012, 02:21 PM
 
Location: Stamford, CT
37 posts, read 37,677 times
Reputation: 66
RJRCM - Thanks for the link to the other forum. 24 pages long! Looks like this is a popular question. It would be nice if someone would compile the timelines in that forum....I have no intention of reading 24 pages.
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Old 03-16-2012, 02:51 PM
 
Location: Chicago, IL
543 posts, read 1,153,430 times
Reputation: 369
My short sale timeline with FlagStar Bank:

09/23ish/11 Viewed property
09/27/11 Pre-approval letter from my lender
10/05/11 Made offer to Seller, who accepted and in turn sent to Lender
03/06/12 Offer accepted from Seller's Lender
Currently in Closing
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Old 04-27-2012, 07:01 AM
 
Location: Tolland CT
3 posts, read 11,777 times
Reputation: 10
I am a realtor in CT that does a ton of short sales. I can say that right now my AVERAGE timeline on approval is roughly 4-7 weeks...but again this depends on the lender, the investor on the loan, whether there is PMI and how responsive all parties to the sale are. I have had short sales approved in 5 days...I have had a few stragglers that have gone years.
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Old 05-02-2012, 04:50 AM
 
13 posts, read 16,205 times
Reputation: 11
Short-sale process takes up to 30 days or 60 days or 90 days for you to even get an approval from the bank/lender! Some short-sales do not even get approved!! Good luck with your investing.
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Old 05-02-2012, 10:28 AM
 
31 posts, read 65,914 times
Reputation: 17
I put an offer in on Dec 1st. Just got approved last month so going on 5 1/2 months. There was a previous offer on the house before we put our offer in. So they claimed a lot of the paper work was ready but still took close to 6 months. Still have a few issues so working on it so it is no set time. I have seen others take a month.
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