how long will a short sale take

Submitted by Kevin from CA - 07/01/2011 - 4:33pm

Hi I recently submitted an offer for a short sale(above what they were asking) and I'm wondering how long will it take? Here is some info about it:

They haven't defaulted on their loan and they have a 1st and a 2nd so I'm guessing they both need to aprrove my offer? Or is it just the first that needs to? How long does it usually take when you have 1st and a 2nd on the property?

Thank you

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Comments

Submitted by Michelle - 07/05/2011 - 9:12am

HI Kevin,
It could take a few weeks and it could take several months. It depends on the hardship of the owner and the lender. In a short sale you would need approval from all lien holders. If there is enough equity to cover the 1st and only the 2nd will be shorted then you would only need approval from the 2nd. Your agent, if they are familiar with short sales, should be able to estimate how short they will be and whether or not this could be approved. The key player in a short sale it the listing agent. The listing agent will typically be negotiating the short sale.

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