How Short Sales Work
How long do short sales take and what percentage are completed?
I am in the process of working on a short sale. I have not listed my condo on the MLS yet because the person I am doing the short sale with is presenting it to a group of investors first to try and get an offer on it before we go through the listing process. My dad is going to be having a total hip replacement and my grandfather is going to need 2 total knee replacements this summer and I need to get home to help my mother out. Just wondering if anyone has any information on how long these can take and what percentage in this current day and age are closed. I have read online that lenders are easier to work with secondary to the current economic problems.
thanks
They take about 3 months.
There is no way they will accept a short sale offer if you have not tried to sell it. You HAVE to list it, they will sit like hens on an empty nest waiting for at least 3 offers anyway.
I do not know the percentage that are completed, but I am going to make an educated guess of 10%. Most of them are foreclosed before the short sale is approved.
How Short Sales Work Part II
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