A common question from people buying or selling a short sale in downtown, north central and greater Phoenix is: how long does it take to buy or sell a short sale? We wish there was a cut and dry answer to this question, yet none exist. We can tell you that completing a short sale is much easier in 2011 than it was in 2009. Simply stated, the lenders and real estate community have more experience and knowledge. The result is more successful short sales and a faster turn around time. How fast you ask? Over the past 6 months we’ve seen many of the larger lender respond to homeowners requesting a short sale in 30-45 days. Once an agreement has been reached between the lender and home owner, it usually only takes another month or so to complete the purchase. Thus, we’d say it is not unusual to complete a short sale in two to three months. The other good news is the industry is successfully completing more short sales than in past years. Based on information provided by the big three, Bank of America/Wells Fargo/Chase, we see the trend for successful short sale transactions getting even better in 2012. CONCLUSIONS ABOUT HOW LONG IT TAKES TO DO A SHORT SALE: Short sales are a real part of today’s real estate market. We believe more and more homeowners will investigate short sales and choose this path to sell their home. The horror stories of the past should be put aside as lenders, Realtors, attorneys and tax professionals have much more knowledge, systems and skill to make the sale of a home by short sale easier and more likely to succeed.
The Urban Team at Realty Executives
7600 N. 16th Street, Suite 100 Phoenix, AZ 85020