A “Short Sale Contingency” is a status which means the bank has received an offer and is reviewing it for possible acceptance.
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy’s law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your “must have’s” and “can’t stands”), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
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