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Jan
11

Las Vegas Short Sale Time Frame

By Kathryn Bovard

One of the most often asked question that I get asked from Las Vegas homeowners who are thinking of short selling their home is “How long does it take?”

There are many variables such as condition of the home, pricing and location but once the seller has accepted an offer and that offer has been submitted to the bank for approval, the short sale time frame really depends on two things for the banks response time. Is it a delegated or non-delegated loan?

What this means is if it is a delegated file/loan the the bank has the ability to make a decision on the investor’s behalf without sending the investor a complete package for review. If it is a non-delegated file/loan then the bank cannot make the decision without a complete document review by the investor. The investor makes the decision in a non-delegated arrangement.

So basically the time frame for a short sale usually falls within the following:

INITIAL REVIEW AND SUBMISSION:

Delegated loans:                                                      5 weeks

Non-delegated loans                                            12 weeks

Valuation stage                                                       1-3 weeks

Held stage or negotiations                                   4 weeks

AFTER FILE HAS BEEN REVIEWED

Approval for delegated                                          2 weeks

Approval for Non-delegated                                4 weeks

Your Realtor or short sale negotiator will be able to determine from the bank asset manager what type of loan you have once a file has been opened.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Related posts:

  1. Will Bank of America Lawsuit Affect the Las Vegas Short Sale Market?
  2. Will The Foreclosure Moratorium Impact Las Vegas Short Sales?
  3. Is now the time to buy or sell a Las Vegas home?

Comments

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