How Long Should I Allow To Do A Short?
Approximately how long would it take to negotiate a short and get it closed. I had a seller call with only a week until the foreclosure sale. Is there time to get the short done, or are there methods to postpone the sale date and how long would one need? Thanks in advance!!!
For first position mortgages:
If you've prequalified the Seller, and the Mortgagee for short sale feasibility, you should expect an answer within 45 days to 60 days from the date you submitted your completed, short sale application.
I've had responses within a few days, and had a few that have dragged on for 180 days.
Much depends upon the lender, the interested parties, type of mortgage, and their perception of RISK of LOSS.
SSP,
Does that go for 2nd's as well? I have an offer on a 2nd for over two weeks, and she still has not called me. I have left numerous faxes and voice messages..
Thanks,
Bginvestor
Seconds are unpredictable. They have to confirm the payoff on the first, and check if their mortgagors have any other assets that they can attach...