Jacksonville Florida Short Sales FAQ: How long will a short sale take?
This is a question that does not have just one sweet little answer. Well, actually it kinda of does, the answer is, it depends on your lender. It also depends on whether this is the 1st offer or 2nd offer. The first offer will usually take longer, since the BPO (broker’s price opinion) has to be completed, and the financial picture of the seller is first revealed to the lender. If you have had another offer before, the BPO has been done, the financial information turned in and the 2nd offer has been submitted not long after the first one went out the door, then things MAY go faster. The short sales, I’ve done where we get to keep the same negotiator, seem to be less stressful and a little faster.
Here are some time lines on some short sales I’ve done in the past (This could change, these time frames are not etched in stone):
- HSBC-I mention them first, because I’m currently working on one. They have told me 30 day turn around for this one. I’ve done a couple more with them and they have taken 30 days, sometimes 2 weeks to approve a short sale.
- AHMSI– I just closed one that took around 68 days to approve. Would have been under 60 days, but we had some terms of the short sale to work out. I did one a few years ago, that after the last offer (offer #3), it took like a week for approval.
- Wells Fargo Financial-They are part of Wells Fargo, but a different dept and handle their short sales differently. They do everything when the house is listed, so once we had an offer, it took them a week to approve it.
- Wells Fargo– Well, I’ve closed many of them with Wells and they are not consistent, but I’ve seen 30 days, but more like 60. Sometimes longer. Recently however, Wells has started using Equator (online short sale program) to process their short sales and it has been very difficult as they are working out the bugs.
- Bank Of America– When they took over Countrywide, the wait times were incredibly long! It was a nightmare. Once they worked that out and started using Equator to work the short sale process, the process has gone more smoothly. I’ve seen some 30 day approvals, but mainly around 60 days. I am currently working on one, as a buyer’s agent, with BOA HUD short sale and it’s been since the beginning of November, so we are about 8 months into it.
So above, are just 5 lenders with some examples of how long their short sale process is. Anything can and will change, so the best thing to do is to set your expectations that this will not happen overnight. Hire an agent with short sale experience, properly price your home, have everything in your control completed on time. For example, when your agent asks for your paycheck stubs, bank statements, tax returns, etc. Get those items quickly. You have control over that. Your agent has control over how complete the short sale package is. Whatever you and your agent control, do thoroughly and quickly, which can help speed up the short sale process.
Got questions? Are you in a short sale and/or pre-foreclosure situation with your Jacksonville Home? Call me at 904-910-3516 or send me an email at pam@pamgraham.com.
I am not an attorney or tax expert, you should seek legal or tax advice from an attorney and CPA.
Coming soon, more Jacksonville Florida Short Sales FAQ:
How long will a short sale take?
Will the bank come after me for the difference?
How will a short sale affect my credit?
I have no money, will I have to bring money to closing?
How will the closing costs get paid?
How long does it take for the bank to foreclose on my home?
What are the tax ramifications doing a short sale?
How does the bank determine how much they will accept?
Can a family member buy my home, then let me stay and rent it from them?
How do I hire the best real estate agent to get my short sale done?
