Tuesday, October 6, 2009

How long does a “short sale” take?

A short sale is a real estate transaction where the selling price will likely be less than the mortgage (money owed). Because of this upside down position the seller is not allowed to profit from the sell provided the lender allows a short sale.

So, how long does it take to do a short sale in Brevard County, Florida?

The best answer is…it all depends.

For example, I looked at the single family home short sale properties that closed in September 2009 in Brevard County, Florida. There were 62 of these short sales in Brevard County although I only looked at 20 of these.

The days on the market varied from a short of zero to 613 days. Days on the market refers to the number of days from listing to having a negotiated contract with the seller.

Once the seller has accepted the offer, how long until it will be approved by the lender and go through closing?

Of the 62 closings I looked at about 20 of these and examined the days on the market and the days until the deal closed.

The result – 95 days on average from listing date to closing date. Some were a little more quickly (31 days, wow!) while the longest was 150.

So, how long a short sale will take I always say the same thing…be flexible because it may take six months!

As a buyer you must determine if you have the flexibility to wait…and wait…wand wait!

For information on Brevard County, Florida real estate, give me a call at 321-693-3850 or email me at agent@moving2brevard.com.

Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community, a golf course community or water front, give me a call!