How long does it take to close a short sale?
Once I have a contract to purchase a short sale how long will it take to close escrow?
Short sales can be very demanding of your patience. The majority of short sales take approximately 90 days to close from contract to close. Some can be completed in as short as 60 days or take as long as 6 months or more. Along the way there are many challenges such as valuation, (determination of market value and how it compares with the contract price) and negotiation, (arriving at an agreed settlement price for the subject property).
The fastest approval we had was 11 MINUTES – small bank – investor owner had already given the VP a heads up. Some go through several buyers and can take more than a year to close.
The majority of my Short sales tale anaverage of 90 days. I process all of my own with my fabulous assistant Lesley
Now with HAFA and the willingness of most banks to now want to do short sales, the time frames will become shorter. Without preapproval or HAFA, typically my short sales have taken mostly 2 months and up to 3 months from contract date to close date.