What Is The Average Time Frame For A Short Sale In Charlotte, NC.?

Short sales are by definition when the bank accepts to take less for the house than what is owed on the home. However; there is nothing short with a short sale in terms of time frame. A lot of short sales depends on the bank that has them. in addition to who the bank is the amount of liens on the house play a vital role in the process as well... Are you dealing with one bank and just a mortgage? or are you dealing with multiple banks and various mortgages and liens on the house? Your time frame for a short sale is dictated by those factors as well as the bank itself. First, if you are dealing with one bank and the home has only one lien on it the average time from an offer being sent into the bank and the bank responding usually takes from 45 to 60 days. This is an average. it can take a lot longer depending on the bank and how accurate your information you sent in was...If you are missing paperwork the time frame increases because you have to fill in the blanks (so to speak) before they will assign it to a negotiator. I have dealt with banks that have taken up to six months and longer for a response as well...some Realtors in the Charlotte area will avoid dealing with those banks all together... It depends on the bank you are dealing with.... If there are multiple liens on a property it gets a little more complicated. because after you have one negotiated out you have to go to the other liens and make sure they will accept the dollar amount the first lien is offering them. They are not obligated to accept any amount the first lien has offered... however; if you have done it correctly and stated your claim properly then you can usually get the second lien to accept. The time frame is also dictated by how quickly the seller responds and sends to the bank the necessary information to the bank. Everyday that they delay in getting the information to them adds time to a file and decreases your chances of getting a quick resolution. So, if you are considering selling your home and have to short sale be prepared to provide the bank with the necessary documents supporting your income and bank accounts. The quicker you provide the information the easier it will be for the bank and your Realtor to negotiate on your behalf. If you are looking to buy a short sale in the Charlotte, NC. area be prepared when you look at the house to wait upwards of 60+ days before you receive an acceptance or counter offer back. If you can wait the time frame out the chances are you can get the house for a fair value (something the bank would sell the house for if it were a foreclosure). Dave diCecco Realtor/Broker www.davedicecco.com