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I quit doing them two years ago, but two years is it for me. They have gotten harder to close again because the banks are not being pressed, and it is for them a better business decision to foreclose than short sale. Short sales was never about doing the right thing for the banks.
Bank of America and Wells Fargo have both delayed closings for almost a year on multiple homes when I was doing Short Sales.
One year from start to closing. I was a listing agent with a negotiator in the house. We did push them hard since the homeowner was ready to leave, but they dragged their feet. Sometimes, it seems they are interested in keeping the defaulted property in there records as long as possible.
OPver two years and not due to me, but the so-called investor/bank. Lots of games, what with losing files repeatedly, etc. It was a big stalling game.
One year. There is nothing we could do. Sellers were ready, Buyers were ready, but the bank just took a lot of time. And even when all was approved, they requested almost 2 months escrow to close! We are were really annoyed.
Hi Frank. If I recall correctly, a year was one of the longest. The average is about 2-3 months. It gets better with experience as you learn how to cut through the chase. Good experience but lots of work.
Frank, our longest one wasn't too bad it was only four months.
I"m in the process of one now, it's been 3 months already and doesn't look like it's going to happen any time soon.
I ratified a contract on 12/14/14; I close tomorrow - 4/14/15. Four months. This is my second one in two months...so it is running me, three to four months to close on a short sale. I hope four months is the longest I will have to experience.
I've talked with agents that have spent over a year on a short sale. That's a long time.
Three months is my tops. I didn't think that was too bad and the buyer wouldn't have waited any longer than that.
I am working on one now. I had the listing for 3 months before I received a call from the bank that the home will become a short sale. Its been about 6 months now and we are nearly ready to close.
One took two years, and it was a really miserable experience for the sellers.
we always avoided short sales....I think we listed two of them during that horrendously challenging market.... we did new construction....
I don't recollect but I think one was close to 3 years!
Almost 2 years - several contracts - structural damage - eventually the stars aligned...