A short sale is a situation where the proceeds from the sales process will likely be less than the monies owed. These sales usually occur when there are circumstances that have placed the seller in a real hardship.
Of course, the lender is the ultimate decision maker on a short sale and the prices can be long and arduous.
So, how long does a short sale take?
I looked at the Rockledge, Florida Phillips Landing subdivision. I choose Phillips Landing as I know that short sales have been a real common occurrence lately.
As of today there are 8 properties under contract that are short sales. One listing went under contract in March 2009, two under contract in April 2009, 1 in May 2009, 1 in June 2009, 2 in July 2009, and 1 last month.
The time for a short sale to close can vary a lot. There was one short sale that closed in Phillips Landing in August 2009. That particular property went under contract on June 22 and closed on August 19, 2009. That is a pretty impressive transaction!
So, how long does a short sale take? It all depends. As a short sale buyer you must be patient and flexible!
For information on short sales in Rockledge and Viera Florida, please give me a call at 321-693-3850 or email firstname.lastname@example.org.