What is the average time it takes to close on a short sale once you get an offer?

Posted April 26th, 2009 by Dinah Lee Griffey
in
Photo of Dinah Lee Griffey - from Belfair, WA.

As many of you are aware Windermere Peninsula Properties hosted a workshop on foreclosures, short sales, and current conditions of the housing market this past Thursday. It went over really well...we had a packed house.I wanted to share a little of the info with you that I learned that night from our lender, accountant and attorney. Which by the way had so much great information we could have easily given them each their own night.

Mike Spence was our Real Estate attorney. He talked about the step by step process a lender must take to foreclose on a home. Did you know that in the state of Washington you can not be foreclosed on in any less than 180 days. That gives you six months to try and find a solution.

Catherine Wolf was the Tax Accountant. She talked about the tax ramifications of selling your home short and the effects of foreclosure. Did you know that you may have to claim the amount forgiven by the bank as income?

Vickie Nunez was our lender from Wells Fargo. She talked about the change in conditions for the banking industry and the steps a bank must go through to approve a short sale on a property. Did You know that until recently Wells Fargo had about a dozen people nation wide in their Loss Mitigation Department and they now employ between 3,000-4,000!

If you would like any additional information you can contact Dinah Lee Griffey at 360-551-8888 anytime or send me an e-mail at DinahGriffey@windermere.com

May 24th, 2009
Tina Abraham - Wilmington, NC
Photo of Tina Abraham.
1
point
Typically it takes anywhere from 6 to 12 weeks, but ultimately it depends on which bank the seller has their loan through.
July 28th, 2009
Toby Barnett - Marysville, WA
Photo of Toby Barnett.
1
point
Today, I received mutual acceptance (when it has been approved by the lien holder) on a short sale purchase and sale that has been in the works since April 21, 2009. Ninety days is not bad but have heard more horror stories from other agents that it has taken longer to get lien holder approval.
April 5th, 2012
Wendy Morris - Orlando, FL
0
points
Banks are inundated with short sales and foreclosures these days and carefully conduct each transaction to make sure they are getting the most, or losing the least money, out of each. Banks do not want to own real estate, which is why they will accept a short sale at the right price. The lender will appraise the home and make sure that your offer is not lower than the home’s value before they accept it, but the owner must also accept the offer. If all of this goes well, you can have a short sale home in the Orlando, Florida area at a price you can afford! Wendy Morris Realty

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