Anyone bought a short sale house? How long did it take for the bank to approve/ reject?

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2012-07-10 3:23 PM

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Subject: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
Just curious on people's experiences with short sales. Thanks!

2012-07-10 3:45 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
I bought a short sale in 2008.  If I remember right we put in the offer in early-mid March and it was finally accepted in early May.  It was kind of a nerve-wracking wait but I've heard other stories of it taking much longer.

Edited by drewb8 2012-07-10 3:46 PM
2012-07-10 7:00 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
We waited for over 100 days on a short sale. Walked at that point. Fast forward and I now happen to work with the person that bought the house eventually, think it took them close to 6 months.
2012-07-10 9:19 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
My brother went through it last year took him about 7 months to finally close.
2012-07-11 9:22 AM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
We bought a FL condo as a short sale. Made offer on 10/31 and closed 1/31. I've heard some horror stories when dealing with the bigger banks like BOA, though.

Edited by stateu 2012-07-11 9:22 AM
2012-07-11 9:42 AM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
My wife and I made our original offer in Nov 2011. We are in escrow now and expecting to close at the end of this month.

My words of advice: Don't expect the bank to abide by deadlines when the ball is in their court, Do expect the bank to expect you to abide by deadlines when the ball is in your court, Don't count on the timing of the sale for anything, and be patient.

Edited by RockTractor 2012-07-11 9:52 AM

2012-07-11 2:28 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?

We've been on the market for 2+ years and finally got an offer a couple of weeks ago.  Contracts were formally signed last week and my attorney is in the process of submitting the paperwork to the bank now for short-sale approval.

We have no clue how long it will take, but considering the bank re-keyed the house about 6 months ago (as we moved out just under 2 years ago) - we suspect the bank will be slightly motivated to process the short sale.

regardless, the buyers realize they are getting a short-sale, so we've factored in several extra months to get from contracts to closing.

2012-07-11 4:47 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?

I have purchased 5 short sale and REO properties since 2007.  The experience and timing has varied significantly between the different banks holding the homes.  The shortest turnaround was about 4 months from first offer to close of escrow, the longest one was just over a year including all negotiations and offers. 

My best advice is to find a realtor who is truly versed in the short sale market in the specific area where you are looking.  Banks typically have a short sale department specifically for the region and someone who can speak to the people on a familiar level is a great asset.

Good luck if you pursue this.

2012-07-11 5:12 PM
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Subject: RE: Anyone bought a short sale house? How long did it take for the bank to approve/ reject?
Thanks everyone! We put in an offer so we shall see. It's just a tiny cabin that is in really bad shape. I'm just hoping we can do some winterizing prior to it being under a ton of snow. Our realtor who has a lot of experience with short sales said it could close in 90 days best case or take a lot longer.

Edited by Moonrocket 2012-07-11 5:14 PM
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