short sale survey - Posted by Jen

Posted by Rob FL on January 10, 2003 at 13:33:32:

The bank always has an appraisal or BPO done on the house, so don’t expect to get great short sales on properties in nice condition with lots of equity. All the ones I’ve dealt with needed some work and had higher LTV ratios. Also, if the property is FHA or VA insured it is very difficult to pull off a short sale because they have strict percentages that cannot be deviated from.

If a sale date is already scheduled you are pretty much screwed. I’ve never gotten them to postpone a sale because of this. If anything once the short sale is approved, they want you to close immediately for cash. They don’t want you to postpone the sale and take 3 more weeks to close.

short sale survey - Posted by Jen

Posted by Jen on January 09, 2003 at 21:53:18:

What is the average time it takes to complete a short sale for you guys doing them? I have been learning about them and want to know what kind of a time frame may be too late to help someone.

Also i’m curious what your average discount from market value is?

Re: short sale survey - Posted by Chris

Posted by Chris on January 10, 2003 at 18:14:09:

It depends. If you can get the lender EVERYTHING they might need when you first submit your offer, it definitely speeds things up. Once they have all of the info, they will order the BPO (within a week or two of receiving your offer). Then it is a case of the squeaky wheel getting the grease. Just stay on top of the short sale rep you are dealing with until they tell you the least they would take. All in all, you are looking at anywhere from 4 weeks to several months. I have never had a short sale offer accepted faster than 4 weeks. Except for one time when I faxed in an offer and they called me back to accept. I guess it took about 10 minutes! I guess I didn’t ask for a big enough discount!

  • Chris - the easiest and fastest way to generate estimated settlement statements for your short sale packages …

Re: short sale survey - Posted by MoniqueUSA

Posted by MoniqueUSA on January 10, 2003 at 06:56:44:

This probably depends heavily on the foreclosure laws of each state. A state with a short foreclosure process will typically have a shorter time because the lender has less time to make a decision about your short sale offer.

For us … Longest: About 30 days, Shortest: 2 days (this is not typical however), Average: 2 weeks


Re: short sale survey - Posted by Rob FL

Posted by Rob FL on January 09, 2003 at 22:09:42:

For me: Shortest time frame was about 30 days. Longest time frame was about 5 months. Average time frame is about 60 days.

Re: short sale survey - Posted by Mike G

Posted by Mike G on January 10, 2003 at 13:18:38:

Rob, I’m in FL as well. Let me ask you, have you ever been able to postpone a sale date in order to complete a short sale? Also, what would you say the average LTV of these deals are pre-short sale?

The reason I ask is b/c I just tried my first short sale in which I controlled property via land trust, but got shot down big time. Had two things working against me I believe:

  1. Sale date had been set and it was about 30 days from when I first got the deal tied up in land trust (time period included the holidays) and

  2. The bank was convinced the house had plenty of equity to not even entertain the idea (total payoff about 88% of FMV).

I’m curious.