Posted by TSSP on January 27, 2005 at 17:48:02:
With a junior mortgagee… possibly, but that would be the exception, not the rule. I’ve had shorts take from 45 to 90 days or more… just for approval.
Short sale question - Posted by RCS
Posted by RCS on January 27, 2005 at 13:13:40:
Could someone who has experience with short sales give me the least amount of lead time before a home is to be auctioned, from the initial call to the lending institution to closing the purchase. Can it be done in less than 2 weeks? Thanks
Re: Short sale question - Posted by Jack
Posted by Jack on January 28, 2005 at 11:38:11:
Sometimes the amount of time left before the auction doesn’t matter (within reason). Two weeks could be plenty of time to get in touch with the lender, present them with a sales contract, and get them to delay the auction.
True, some lenders will not entertain a short-sale offer this close to the auction, but may very well delay for an offer that pays them in full. Others may delay for a short sale. Never know until you try.