How Long Do Short Sales Take ?
Although the name is short sale, it does not mean that the sale of the house will be completed in a couple of days. Usually it has been seen that a short sale requires patience not just from the seller, but also from the buyer because the final approval from the lender can take anywhere from one month to one year. However, usually a short sale approval takes around 90 days. |
Sponsored Links :
|
In order to close a short sale as quickly as possible, the realtor you hire should have good communication skills to talk to the lender, and have prior experience in short sale. Also, ensure that all documents required for the process are complete and submitted on time. This way you can hasten the process and close the deal quickly. However, even here quick is a relative term.
If you are the seller, it is best to go for a short sale through an experienced realtor. You can list your property with the realtor and leave it up to him to look for a buyer. If you do not have a buyer, you cannot submit the required documents to the lender to allow you to go ahead with the short sale. However, as the realtor is searching for a buyer, you should get all the paperwork done like writing your hardship letter and preparing the short sale package for the lender.
Once you submit the short sale package, the lender will order a BPO, which is broker's price opinion. This is usually done by a BPO real estate agent and it helps to figure out the fair market price of the property. The lender will use the BPO as a benchmark to either accept or reject the offer made by the buyer. At this point, the realtor has to communicate with the lender to ensure that they go through your short sale package and give an approval to proceed with the sale.
More Articles :
|
