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Was falling in love with a house in short sale, but we can't sell our current place for another 8 or 9 months because of the homebuyer's credit. It got me thinking, what is the average duration a house on Long Island lasts in short sale. Just in case it lasts 8 or 9 months, yeah right. Are there any sites that would list that type of information?
Was falling in love with a house in short sale, but we can't sell our current place for another 8 or 9 months because of the homebuyer's credit. It got me thinking, what is the average duration a house on Long Island lasts in short sale. Just in case it lasts 8 or 9 months, yeah right. Are there any sites that would list that type of information?
Days on market from the initial listing to contract.
It can be a couple of weeks, if the proposed short sale price is appealing with regard to the property, or it can be months.
Going into contract isn't necessarily the issue with a short sale. Very briefly, if a property gets listed as a short sale, it indicates that the anticipated sales price (plus expenses) will be less than what is owed to the lender. The current owner and the hopeful new owner come to an agreement and sign a contract to convey the property, which is then subject to the approval of the lender. Depending on the lender, the terms of the offer, the supporting documents provided by the Realtor and/or RE attorney and of course an appraisal, that contract will either lead to an actual sale/purchase, or may have a counter offer, or may be rejected. THAT part can (and often does) take months.
Hope that helps a little.
P.S.: If you have more than one lender involved (2nd mortgage, HELOC, etc.) that can become a nightmare.
Elke explained it well. The length of time for the bank to approve (or not approve!) the short sale can vary greatly. I am still waiting on one that went into contract in February.
Ok, my curiousity was do Long Islanders shy away from short sales, making them stay on the market longer? If I'm understand then, the time just to get the bank approved can be substantial. That's why I wondered if Long Island stayed away from them. hope I made sense.
In your experiences, are their local lenders that tend to take longer/shorter than others? Is there an online way of knowing who has the note.
Ok, my curiousity was do Long Islanders shy away from short sales, making them stay on the market longer? If I'm understand then, the time just to get the bank approved can be substantial. That's why I wondered if Long Island stayed away from them. hope I made sense.
In your experiences, are their local lenders that tend to take longer/shorter than others? Is there an online way of knowing who has the note.
1. It all depends on the needs/circumstances of the buyers. I have not seen any specific trend one way or the other. Buyers who have flexibility, especially renters, have the luxury of waiting months if they so chose; of course sometimes you wait three or four months just to find out that the deal is dead... that's the chance you take. So if you're looking to get your child into a particular school and it's Summer already, it may not be a good idea.
2. Since mortgages and notes are a matter of public record, the County Courthouse would have the information who the ORIGINAL lender was. However, in recent history, mortgages have been bundled and sold many times over, so it's difficult at best to find out who the current note holder is if you're not the borrower; even the borrower might have to dig, because the payments are usually made/sent to a servicer, who gets paid by the current note holder to handle the payments and disbursements, i.e. RE taxes, etc.
That aside, yes, some banks are less short sale friendly than others, however, it often depends on how much the house is underwater. If the offer is $400K and the mortgage was $425K, it'll be a lot easier than if the amount offered is $300K.
Elke is right a lender 2nd mortage is likey holding a smaller mortage they will demand full payment.This will cause the 1st mortage holder to pay up or take a bigger toss than the 2nd mortage holder
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