Is 21 days enough to complete a short sale?
I’m just starting in Texas and I’ve found I only have about a 21 day minimum to maybe 5 weeks tops window. From when the record is available to the auction date.
If you are right in the middle of a short sale negotiation, and the auction date comes up, will all be lost?
Thanks
Are you talking about a specific deal you’re working on or in general? More details would be helpful related to the bank / auction / etc.
In general, once the short sale package is submitted, it is, in fact, an offer to purchase the property, which requires a bank approval. As such, this alone may motivate the bank to either cancel or postpone the auction. Unless there are some “special” circumstances, I don’t see why the bank would want to proceed with an auction.
Hope this helps!
More in general right now since I’m just getting started.
How long do banks usually take on average? 1 week? 2 weeks?
I know as I get into some specific deals I’ll learn first hand, but I’d rather get a good idea of the timeline now so I don’t get any unpleasant surprises.
Thanks for the reply
Well, I think that you are in for “arguably” unpleasant surprise. Banks MAY take forever to make a decision. Now that I think about - that’s quite a long time. Then again, they may make a decision within, say, 2 weeks, although I personally would never rely on this estimate.
It takes, at times, several weeks to get the current payoff amounts, let alone make a decision on a short sale package. Since foreclosures are up across the board, the Loss Mitigation departments are swamped with work. Hence, I would anticipate several (at least 2) months for purchase.
Hope this helps!
In TEXAS 28 DAYS IS THE DEADLINE TO SET THE HOME FOR AUCTION FOR THAT UPCOMING DATE. YOU CANNOT RECIEVE THEM VIA LIS PENDENS, ETC. TEXAS NORMALLY DOESN’T HAVE THEM. ITS THE NOTICE OF SALE LOCATED AT THE COURT CLERK WERE YOU CAN GET THE LEADS YOURSELF, OR GO FASTER AND PAY WWW.DFWFORECLOSURES.COM i always use them