Short Sale Timeline
I just received a response from the mortgage company on my SS offer. They want a couple pages of financials filled out which will not be a problem. The thing that concerns me most is a statement that "This process takes a minimum of 21 business days." Is this a standard timeframe of a short sale? Since I have complete access to the property, would I be better off going to auction which is 9/30. My negotiations surely would not delay the auction?
I think that 21 days is optimistic. I've had shortsale negotiations that have taken 6 months to resolve. I always advise all parties that shorts can take from 45 to 90 days... or more. Sometimes, junior lienholder may agree to accept a short payoff within a day or two after you make the request.....
If the mortgagee thinks that your proposal makes sense, and it's in their best financial interest... they may well postpone the sheriff's or trustee's sale to give time to get the short approved.
[addsig]
The negotiations will not automatically delay things.
You should ask for a delay and if they feel it will work better for them then the lender can delay. A fellow investor had this happen recently (2 delays on the same deal actually).
Quote:
On 2004-09-21 17:39, renewpp wrote:
My negotiations surely would not delay the auction?
[addsig]