If You Sold Your Home via Short Sale....How long did it take?

katclaws_moJuly 11, 2011

I am hearing possibly 6 months or more, but I would appreciate hearing other people's experiences & time frames it took for the process to selling by short sale. I know there are tons of paperwork working with lawyers,

RE agents & Lenders, appraisers etc. that eats up so much time.

Sincerely & TIA ~~ katclaws

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maddielee

Our daughter, going through a divorce, had to Short Sale her house.

It was put on the market in late February, went under contract in April or May. The mortgage holder agreed to the sale last week. Hopefully, it will close in early August.

Her realtor has lots of experience with Short Sales. Florida

    Bookmark   July 11, 2011 at 4:59PM
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maddielee

I meant to add that she really didn't have much more paperwork then a standard sale.

    Bookmark   July 11, 2011 at 5:01PM
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ncrealestateguy

Most of the paperwork is for the agents and the banks. Once you get under contract, I have seen it take as little as two months and as long as it never happening.

    Bookmark   July 11, 2011 at 7:12PM
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katclaws_mo

Well the house went under contract in early May, but we got the word on Wednesday, August 17th, that the buyers were pulling out due to "personal issues". I certainly don't blame them & am surprised they hung on as long as they did.

We kept waiting & waiting on the bank. They kept asking for more paperwork, all of which we sent to them immediately as they requested it. We often had to re-submit paperwork that they already had and/or update it because of their delays. I truly believe there's no reason that the bank wouldn't have accepted this offer, as we had a cash buyers, and a decent price, but IMO the back screwed this one up. Even the attorneys were frustrated, but I guess this is just the nature of a short sale.

Our RE listing contract ends August 31st & the bank thought we would have our answer by September 1st. I just wish we would have found out what the "golden" pricing number was to see if it would have gone thru as expected.

As they say Everything happens for a reason. We are going to try some other options, so we won't be re-listing, at least not at this time of the year. Might have to start the process over again in January if the other options don't work out. So, this one falls in the "Never happening" category.

    Bookmark   August 19, 2011 at 2:46PM
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