How long does a Temecula short sale take? When putting your home up for a short sale it is important to understand that with a short sale things can constantly change from month to month, week to week and even from day to day. The length of a Temecula 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 (broker price opinion) comes back at and how close is it to the offered price.
- Finally we will need to hope that the buyers will stay in the deal long enough for the deal to go through.
A few years back Country Wide was handling short sales and they took well over 6 months to approve their short sales. When Bank of America took over Country Wide they become the most difficult bank to work with when it came to handling short sales. There were cases where short sales took up to over a year to be approved. Since then things have changed with Bank of America,now their short sales can be done within 30 to 60 days and sometimes even quicker.
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 also policies have changed with Chase and they are very interested in approving short sales in a shorter time.
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 put in place regarding short sales.
So when answering the question “How long does a Temecula short sale take” the best and most honest advice to give is that it all depends on many varables and to just let the short sale process play out. It is very important to select your short sale agent carefully. A short sale is a complicated real estate transaction and should not be trusted to someone who is not well well versed in the short sale process. So remember that the key to a successful short sale is letting a well experienced agent handle your short sale and help you maneuver through your 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 make the decision to short sale your home the time lines that will need to be met are time sensitive and every day counts. So when you ask the question “How long does a Temecula short sale take” we advise you to contact one of our experienced Temecula Short Sale Agents and let them help to guide you through your short sale process.