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How Long Does A Short Sale Take?

Like many questions involving the current real estate market, this one has no clear answer. With an experienced agent, an agreeable lender, and the right market conditions, a short sale can be over and done with in as little as two weeks. In a worst-case scenario, though, things can drag into months, and it might be because of one party or it could just be because the market isn't agreeing with you. There is no absolute certainty in it, and that's why you must ask the right questions before committing to this.

However, there are some things you can do to expedite a short sale and make sure it comes to fruition:

-Prepare and review all the paperwork ahead of time: Ask your lender for its guidelines and a checklist of documentation. This will vary from bank to bank, so it's important that you get their specific input rather than just going on general lists.
-Find out your lender's current workload: Some lenders are simply overwhelmed with short-sale requests and you wind up going into a slow-moving queue. By asking ahead, you get a sense of what to expect and you can find out if there's anything you can do to make it easier (re: faster) on their end.
-Get a specialist on your side: Your lender will probably have one or more preferred realtors that specialize in short sales. Get that list ASAP, then do your own research to see what other people's experiences are with those realtors. It doesn't hurt to contact a few on your own and see if you find the right person to help you.
-Contact a real estate tax attorney: Those annoying logistics known as state and local taxes can impede your progress. Talking to a specialist in this field will make sure no surprises get in your way.

Your best point of contact for advice would be a realtor specializing in short sales. They can answer questions about how the current market is affecting local timelines as well as what you can do to keep things moving. Unfortunately, there's no cut-and-dry formula for short sales, so you must take a look at the big picture in order to estimate your timeline.

Israel Gonzalez RDCPro, CDPE

Real Estate Broker

831-636-8858

www.bestreohomes.com  www.nicereohomes.com

 

The views published here are the opinions of the writer and are not a substitute for legal counsel.

 

 

Comments

ertertret said:

dgfretert

# February 6, 2018 4:22 AM

qualies said:

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# February 6, 2018 4:40 AM
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