Short sale Question Military

[Anonymous]

There is a short sale we are interested in. We put in a offer and the seller accepted and now its on the banks side. I was very leary of doing short sale as we want to close before Sep 1.  Their real eastate agent told ours though that this is a unique situation. The seller is not behind on payments and he is in he military and just go orders to move to another state by Aug 1. She claims because of this it will move faster than normal. Has anyone ever heard of this or am I probably going to end up waiting months? 

[Lel]

Relocation for another job is a common reason for a short sale today, since the value of homes have dropped so much in some areas.  Like your scenario, many of these short sellers are not behind in their payments.

The general rule of thumb for all short sales, regardless of circumstances, is that they can take a very long time - measured in months, not weeks.  The banks have a backlog of offers to consider; I doubt that your offer will be treated any differently (unless there's a special provision in the SSCRA or other federal law that I'm not aware of).

[MattH]

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@Lel wrote:

Relocation for another job is a common reason for a short sale today, since the value of homes have dropped so much in some areas.  Like your scenario, many of these short sellers are not behind in their payments.

The general rule of thumb for all short sales, regardless of circumstances, is that they can take a very long time - measured in months, not weeks.  The banks have a backlog of offers to consider; I doubt that your offer will be treated any differently (unless there's a special provision in the SSCRA or other federal law that I'm not aware of).

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I know very little about SSCRA myself, but here's a link to a site with more information:

http://usmilitary.about.com/od/sscra/l/blsscra.htm