Short Sales are not new in the world of Real Estate, and Phoenix was hard hit with this latest Real Estate bust, so all of a sudden every practicing Real Estate agent has become trained and experienced in Short Sales. The number one question I get asked by Seller and Buyers alike is how long does it take to complete a short sale. The answer is: it depends. There are so many factors that are involved in the short sale that there is no real practical way to predict the time and length of the process. My fastest short sale was 60 days and it blew my socks off that it was that fast. My slowest one was 9 months and I never thought we would close that one. Typically (and I use that word very loosely), it takes 90 days. If time is a critical factor in your home search and you are short on time, stay away from the short sales (unless of course you are willing to pay the pre-approved amount if there is one). If you have a short time-table and need to close on the house, you should focus on the resale (owners are selling a normal sale) or lender owned property is your best bet.
If you have any questions about short sales or about Phoenix Real Estate in general, drop me an email or give me a call, I’d be happy to help you.