How long does a short sale take? Banks like Wells Fargo and Bank of America tend to take the longest to process and approve a short sale. Others like Wachovia are speeder and can have an approval within a couple weeks.
The chart above is representative of the long side of the short sale process. With banks like Wells Fargo and Bank of America they will not even begin to look at your short sale until you have an accepted offer from a qualified buyer. Other banks will allow you to start the short sale process but you will ultimately need an accepted offer to get an approval and close the transaction.
Once you decide to go the short sale route your agent will have to provide you with the paperwork necessary to submit to the bank. They will gain permission to communicate on your behalf so you will no longer have to deal with the phone calls yourself.
Then your agent will begin marketing your home to attract offers from potential buyers. Once an offer is accepted by you, it is then submitted to the bank for approval. This is when the timeline above kicks in.
Since the above timeline begins its course only after an accepted offer, it’s very important to get you home up for sale and aggressively marketed as soon as possible. This means that not only does the agent you work with need to be an expert in short sales but also a real estate marketing expert!
Our team typically generates multiple offers within the first few days. We often do not have time to put a “for sale” sign in the front yard. Generating multiple offers quickly starts the above time line getting you out of your situation much faster. For more information on short sales or our Los Angeles short sale services please contact us at: 323-216-9671. There is no fee for our short sale services as our fees are paid by your lender. Consultations are also free.
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