Short Sale Timelines

How Long Does a Short Sale Take?

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How long does a short sale take?

The answer to this question is… “Well it depends”, it depends on many factors.  How many loans do you have?  Which bank or banks own your loans?  How long will it take to get an offer on your home once it has been listed?

So while we cannot give a definitive answer, we can give you a general outline of the time and steps involved in doing a short sale.

  1. Appointment to list your home and gather all the required documents.
    DAY 0
  2. Home listed and offer in and accepted by you.
    DAY 14-30
  3. Short sale package submitted to short sale lender.
    DAY 31
  4. Short Sale request reviewed by lender and either approved/countered/denied.
    DAY 66-156 (depending on who your lender is)
  5. Short Sale approved, buyers do inspections and get their loan in order.
    DAY 87-177
  6. Escrow closed.  You no longer own the property (or the mortgage)
    DAY 101-191

As you can see the time frames can vary greatly, thats also assuming that the original buyer who made the offer for your property had enough patience to wait for the short to get approved.

If you would like to discuss your situation in detail and get a better idea of the timelines involved in doing a short sale on your property please give me a call @ 916.585.3636 or you can email Peter@PeterParkerTeam.com today.