Short Sale Home Approval, How long is it going to be?
I put in an offer on a home that is a short sale, how long do banks usually take to approve these offers? It’s a cash offer(idk if that helps speed it up). And what should I expect of the whole transaction.
It will probably be months before the lender will agree to your offer, unless your offer is SO attractive financially that the lender would be foolish to ignore same. Understand that only about 20% of short sale offers eventually end up closing. Be aware that short sales are NOT generally deals below market value. The lender involved will order an appraisal to determine current market value for the property involved. The lender isn’t going to approve offers for anything much less than given current market value.
It will probably be months before the lender will agree to your offer, unless your offer is SO attractive financially that the lender would be foolish to ignore same. Understand that only about 20% of short sale offers eventually end up closing. Be aware that short sales are NOT generally deals below market value. The lender involved will order an appraisal to determine current market value for the property involved. The lender isn’t going to approve offers for anything much less than given current market value.
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LikeDislikeAcermill is correct but even once the bank agrees to the terms then it may have to go to a pmi company as well for their approval
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