How Long Does A Short Sale Typically Take?

The Jeff Team

 

Hi, It is Jeff Green with the Jeff Group at Allison James Estates and Homes. We’re northern California’s premiere short sale team. Now we have seven agents and collectively we have labored on over 300 short sales. Right now we want to speak about how long short sales take. Lots of people suppose because it’s called a short sale, it must be over quick. Well, the time period short just isn’t in reference to the time, it is in reference to the quick repay between what you owe the financial institution and what as we speak’s market is saying your own home is worth. So, to answer the query about how lengthy a short sale takes will depend on several key factors. There are two kinds of short sales when it comes to the size of time. There may be what we’d call pre-permitted short sales that are usually from the top down. The financial institution says, hey you are able to do a short sale, go ahead and record the property, we have approved it to be offered and every part is going to be fine. Just discover a purchaser, we’ll approve it, and away we go. Sadly, those are fairly rare.

Then on the other excessive, you record the house as a short sale, the financial institution then decides whether or not or not they’ll do the short sale. So what takes so long? Nicely, here is the way it works; we checklist the house on the market, discover a buyer, and get into a contract. That’s just the start of the process. So, after that you have to submit your information to the bank. It is much like making use of for a loan, however in reverse. You’re making use of to get out of a loan. So your information is submitted to the bank, then it gets reviewed by the financial institution and submitted to the investor. Once they make a decision, they consider the property, then finally they are going to present terms of a short sale. Then escrow begins which will be 30 to 45 days.

Some could be accomplished in 30 to 45 days from the time we listing the home to when it closes. Some short sales take months and months to close.

So, if you have any questions or would like to list your property as a short sale, please give us a call. I am Jeff Green with the Jeff Real Property Team. We’re northern California’s premiere short sale team. Thank you very much, and have an awesome day.

The Jeff Team can answer your questions. We are California’s Foreclosure Alternatives and Short Sale Specialists.

Get more help from short sale Realtors, Jeff Green and Jeff Reyes, at Alternatives 2 Foreclosure presented by the The Jeff Team of California

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