Good News, The Average Time for Short Sale Approval Is Down
After months and months of complaining that the time required for short sales is too long, it looks like change has actually happened. According to the Campbell study, the average time short sales are on the market during July was 15.8 weeks. this is down nearly 5 weeks compared with February when the average short sale was on the market for 20.5 weeks.
The number of offers submitted before a short sale was actually completed was also down. The average short sale sold during June had 2.7 offers compared with 3.2 offers in June.
Still, major banks like Bank of America take about four months for a short sale to be approved. But, this is much improved from last year when it took nearly a year before bank of America would approve a short sale.
It’s good to see some improvement in short sales for people considering purchasing short sales in Utah, California, Florida, Arizona, and Nevada where such large percentages of homes for sale are short sales. Nearly 17.5% of the real estate transactions nation wide consist of short sale deals.