Hi there, I’m Shawn Polston with Keller Williams Southern Arizona in Tucson and TucsonShortSaleNegotiator.com. Today I’d like to go over short sale timelines with you because it comes up all the time. I commonly have homeowners ask me how long their short sale is going to take and, honestly, it’s a loaded question with no simple answer.
We’ve done hundreds of short sales and each one has been different, even if they have similar lenders. If you have an FHA loan, a VA loan, a conventional loan, multiple liens, etc., all of these things factor into the short sale timeline. One of the things that it’s probably safe to say is that on average it’s a four to six month process; some can take longer, some can go quicker. It really varies and depends a lot on your circumstances.
One of the things to know when you’re talking to a real estate agent is to find out what their short sale experience is. For example, has it been three years since they’ve done a short sale with Bank of America? If so, I can tell you that Bank of America’s short sale process is completely different and have improved dramatically from three years ago. In getting an answer to this question, the recent experience of the real estate agent that you’re talking to is very important. These lenders do business completely different than they did in the past.
What I’d love the opportunity to do is sit down with you and discuss your situation. Do you have one loan, two loans, an FHA loan or other liens that would affect the short sale? We’d like to help educate you on how long your short sale process could take. Please feel free to fill out the short sale request form at the top of my web page or pick up the phone and give me a call because we’d be happy to help you assess your situation and go over your specific short sale process with you.
