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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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How Long Does It Take To Buy A Short Sale

One of the most commonly asked questions about short sales is; How long will it take to buy a short sale?  A short sale can and most of the time does take longer to close escrow than a standard sale does.  There are several factors that will effect the timing of the time it takes to purchase a short sale.

If a home is listed as a short sale with an agent that does not know how to complete a short sale successfully there can be bigger delays.  There are several things as a buyer’s agent I can do to give you an idea of what to expect or if a property is even worth pursuing.

Many of the properties in Central Oregon listed as a Short Sale were originally financed with 2 loans to give the seller 100% financing.  When this is the case there are 2 lenders that must agree to the terms and price of a short sale offer.  The first lender which holds a mortgage for usually 80% of the purchase price is generally the first to respond to a short sale offer, they generally will agree to pay the second a very small percentage of what is owed to the second mortgage.

Some of the banks have created a streamline process to handle short sales and these banks are generally very easy to work with.  Other banks are not yet so organized and a response time can be a long and frustrating period.  Knowing which banks we are dealing with ahead of time can give us an idea of what to expect in a short sale.  Having an agent that is a CDPE (Certified Distressed Property Expert) can also help save some frustration, as one of my jobs as a CDPE and a buyer’s agent is to quiz the listing agent of the readiness of their listing to have an offer.

Many of the steps to a successful short sale can and should be done long before an offer comes in.  To successfully purchase or sell a home in short sale, give me a call or drop me a quick email.

Posted in: Short Sale Information Tagged: buy, CDPE, Central Oregon, purchase, short sale, shortsale, time

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

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