Gainesville Short Sales – How Long Does A Short Sale Take?
Gainesville Short Sales – How Long Does A Short Sale Take? How long does a Gainesville short sale take? This is one of the first questions that is asked when a homeowner has been faced with foreclosure and has chosen to do a short sale on their home.
The time frame on a short sale can vary. There are many variables that will factor into the length of the short sale process. So to offer a fair answer to this question we will need to say that it depends on the circumstances of the homeowner, lender and the loan itself.
How long does a Gainesville short sale take? When putting your home up for a short sale it is important to understand that with a short sale things are constantly changing from month to month, week to week and even from day to day.
The length of a Gainesville short sale will also depend on the sellers individual circumstances. Below are a few major factors in determining how long your short sale may take:
- Who are the servicers on your loan
- Does your servicer own your note or is there a private investor involved
- How many loans do you have on the property
- Is there is a 3rd party involved such as a mortgage insurance company. In a case like this, the 3rd party will also need to approve the short sale
- How long it will take to get a good offer on the property
- What the BPO comes back with and how close to the offer that the price is
- Finally we will need to hope that the buyer’s agent will stay in the deal long enough for the deal to go through.
A few years back Country Wide was doing short sales, and they took well over 6 months to approve 1 short sale. When Bank of America took over Country Wide they become the most difficult bank to work with when it came to short sales. There were short sales that took up to over a year to be approved. Since then things have changed with Bank of America, and short sales can be done within 30 to 60 days, and sometimes even quicker than that.
Chase was also another company that used to be difficult to work with when it came to short sales. Chase merged with other companies, and the already difficult situation become even harder. Now policies have changed with Chase and they are very interested in approving short sales.
The point here is that one of the determining factors in how long a short sale can take is the lender and the policies that they have regarding short sales.
When answering the question regarding, how long does a Gainesville short sale take, the best advice to give is that it depends, and to just let the short sale process play out. It is very important to find an agent that is experienced in short sales. You will also want to work with an agent that has experience with different lenders, and knows how to maneuver through the short sale process. Your short sale can take as little as 3 weeks and as long as 6 months sometimes even longer. We are happy to say that short sales do not take as long as they did a few years back.
Please keep in mind that once you decide to do a short sale, this process is time sensitive and every day counts. And when you need to ask the question “How long does a Gainesville short sale take” we advise you to contact one of our experienced Gainesville short sale agents, and let them help guide you through your short sale process.
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Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.