Short Sales

If you have experience with purchasing/making an offer on a short sale, how long before the bank responded?

Re: Short Sales

I am sure you will hear a wide range of responses, because you really can't generalize with short sales. It is SO dependent on the bank(s) involved and how much of the ground work has been done in advance by the listing agent and seller.

It's a very paperwork intensive process, and the seller has to submit a lot of financial information, demonstrate a hardship, etc. Ideally, the listing agent would have contacted the bank that holds the mortgage to let them know that the home is listed on the market and have them note it on the file, but the short sale file generally isn't even opened until a buyer makes an offer. At that time, the bank assigns a specific person to the short sale (a negotiator) and everything is reviewed.

But it varies so much depending on the bank, the sellers' situation, etc. In some cases, a listing agent may not have even notified the bank or had the seller gather the necessary paperwork, and then you are starting at square one. Even if that's not the case, it can take months to hear from the bank.

Good luck!

Re: Short Sales

Thank you for your response!!