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Short sales take anywhere from 8-12 weeks from start to finish. The process can be very long not always as easy as the listing agent might say it is. The fact is, there are many items that must be completed by the owner for the lender to start a short sale file. First the owner must complete a short sale packet and mail it into the lender with financial statements proving the owners cannot afford the property. Next they must List the property with an agent.

An Agents job in a Short Sale

The agent must then complete a Broker Price Opinion on the property. Once that’s done, the lender has to sign off on the listed purchase price. The lender can say no and request another BPO or cancel the listing agent and request another agent list the property. We advise all our buyers to stay away from short sales, unless they can wait 3 months to receive the first initial response from the lender.

Short Sales are not always accepted at the listed price

Even if the owner accepts a short sale price, the bank has the final say so on selling it for that price. Investors, and buyers should be looking at bank owned properties instead. These properties can close fairly quickly and most are listed at below market prices.
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