How long does it take to close on a short sale?

Good Morning. Welcome to Todd Miller TV. I came up with a interesting number that I pulled out of the MLS and I did this for research for Short Sales. Currently there are 11,300 sold short sales in the last 12 months. So, almost a thousand a month and there’s thousand sold short sales which is quite a bit. It’s/that number is less than REO and Fair market sales but it’s still a pretty substantial amount. It’s about 30% of the total solds. Well, the number you’ be you probably, try to find out is how long the median is from the time that short sale is listed until it closes, like what that time frame is. And the number is 200 days which is almost 7 months which means, you might think well that’s not bad you know; house get’s listed, it’s on the MLS for a few months goes in a contract. Well actually what’s happening is getting list from going on a contract for the most part pretty quickly. Now, remember these are only the houses that actually sold. So, that doesn’t mean if you list a short sale it’ll sell in 200 days. That means, the ones that sold statistically they were 200 days. So it typically takes about 30 days to go under contract in a short sale. The reason why that period is, is because when the house goes, was listed short sale it’s usually listed for substantial discount, so it goes under contract right away. It’s oppose to an REO which you know your average time from listing to closing is could be about 90 days. So it’s gonna be about half the time. Really, what short sales have sort of turned in to/in the Las Vegas market is that. It’s sort of like that over flow property. When you go out/most of what buyers do is they got to look for a property, they look for the REOs, and the Fair market ones first. If they can’t find something that makes sense, then they gp grab a short sale because that’s sort of a/the next best thing. Anyway, so I thought I’d share that with you. 200 days is the number. What that means is expect to be under contract for probably 5 or 6 months before you close once you out an offer on a short sale. Doesn’t mean they’re not a good deal or you can’t find a good house. Just be prepared for that. Anyway, I thought I would share that number with you. And I hope you have a great day. Thanks a lot!