The time it takes to close a short sale transaction is dependent on the parties involved in the transaction. The buyer, the seller and the real estate agent all play an important role in the short sale process. Once the buyer, seller and agents involved have performed their contractual obligations and submitted all of the necessary paperwork to the lender, the lender now has control of the length of time it will take for the seller to receive either an approval or denial. This time required will vary with lenders and each individual transaction.
The Florida Association of REALTORS created a short sale addendum to the purchase and sales contract that a buyer and seller can use to negotiate time limits for acceptance and additional time periods. The addendum allows for the buyer and seller to agree in writing to the length of time the seller’s lender has to approve the purchase price and contract terms. The default time allowed is 45 days from the effective date of the contract.
Of course the time periods agreed upon cannot be guaranteed and are subject to a third party who is not part of the contract and who could simply choose to ignore the contract.
You can avoid unnecessary delays by working with a professional real estate agent who understands the short sale process and knows how to market your home for the best price in the shortest time period. If you need to sale your home and are curious to learn more about the short sale process, contact me today.
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1 comment:
The short sale closing process can take an extremely long time and if you have contingencies during this time, you are probably going to miss you deadlines. The seller’s lender will be calling the shots and not anyone else. If you are timing it with the sale of a current home, you can forget about it because it will not close in time.
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