How to Speed Up the Short Sale Process

The average time it takes to complete a short sale has fallen to between 90 and 120 days. Marcus Fleming of Redfin says the process takes just a few months if the real estate agent is experienced in short sales but as long as eight or nine months otherwise. Moreover, both the listing agent and the buyer’s agent need to understand the process. “It has to be someone that has a process in place and a full time team that can sit on hold with the bank and go back and forth with the bank to speed things up,” says Jacksonville, Fla.-based Realtors Brad Officer. “You have to commit to the time frame and be willing to wait for the bank.” Fleming adds that the discount on short sale properties has tightened to between 5 and 10 percent from 20 percent, as inventory in some markets is so scarce that banks are not as willing to accept less than the home’s value. It is in a buyer’s best interest to make a fair offer and a sizable down payment to improve his or her standing with the bank; and he or she must be willing to accept the home’s current condition, given that repair requests tend to derail such transactions. | Read More