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

Thank you for reporting this comment. Undo
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
Thank you for reporting this comment. Undo
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
Thank you for reporting this comment. Undo
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
Thank you for reporting this comment. Undo
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
Sign Up to comment
More Discussions
Best time to List a House
Is there a best time to list a house for sale? We have...
hayden2
What qualifies an offer as a "low ball"?
Hello! Im on the house hunting side of things now! I...
karin_2015
Emotional rollercoaster of home selling
Lately, this process of having my condo up for sale...
Acco
How do you value a pole barn?
Does anyone have a good rule of thumb for appraising...
weedyacres
After months of preparation, house is now listed
This is such a big deal for us, we have been planning...
hollynla
Sponsored Products
Minka Lavery Traditional Flush Mount
1800Lighting
Contemporary Indoor/Outdoor Area Rug: Momeni Rugs Passion Sand 5 ft. x 7 ft. 6
Home Depot
Safavieh Indoor/Outdoor Area Rug: Safavieh Rugs Soho Beige/Multi 5 ft. x 8 ft.
Home Depot
Orange Stackable Doored Modular Box
$17.99 | zulily
Josephine 3-piece Bedspread Set
Overstock.com
Lightolier White Micro Track Floodlight
Lamps Plus
Safavieh Lyndhurst Floral Motif Greyish Blue/ Ivory Rug (3'3 x 5'3)
Overstock.com
Eliot Single Arm Sofa - Key Largo Pumice Beige
Joybird Furniture
© 2015 Houzz Inc. Houzz® The new way to design your home™