How Long Do Tucson Short Sales Take?

One of the most common questions that we get asked is "how long exactly do Tucson short sales take

?" because face it, if you find a home you are excited about, chances are that you will want to get the deal done as soon as possible. Of course, Tucson short sales are not an exact science, so there is no exact answer to that question. However, we can take some of the guesswork out of the question by giving you a few examples.

On average

The average time to deal with Tucson short sales and before you hear back from a bank takes approximately three months. It is never a good idea to plan for a specific amount of time with a bank when short sales are involved, but if you did three months should be the starting point that seems realistic.

The fastest

Some of the fastest Tucson short sales we have seen can be a little less than a month. However, as said before it is best not to bank on that (pun definitely intended) unless you know a loss mitigation officer or loan officer at the bank.

What is the longest time?

There have been examples of short sales that are still waiting for a response from their bank for an application that they filed over a year ago. If you are interested in buying a home, you truly have to be in love with the home in order to want to wait that long for your short sale to go through.

Settlement preparation time

Many buyers forget about the time needed from short-sale approval to settlement date. After Tucson short sales have been approved, (this process cannot be started before) the buyers loan officer will start finalizing the loan approval and all the additional work that comes along with it (underwriting, title work, appraisal, etc.) You should expect this to take at least an additional two weeks, but in all likelihood would take upwards of 30 days.

The important thing to remember with Tucson short sales is that you have to be patient. Just because a friend had a short sale go through within a few weeks does not mean that the same would happen in your case, nor does it mean that if a friend's short sale took a year, that yours would take that long as well.

by: Tucson Real Estate

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