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How much time do you spend working a short sale from contract to close?

Posted by Jeff Payne on November 18, 2010 at 10:32am in Short Sale Discussions

Curious to know what most people experience working on a short sale from the time that you recieve an accepted offer on a property.  In time, I mean actual seconds, minutes, hours that you touch the file, not how many days it takes to get it approved.

Where is most of your time spent?  Assembling the package?  Faxing the package?  On the phone? Emailing?  Meeting BPO agents at the property? 

 

Will be interesting to see where most of the time is spent and how much time you are spending.

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Replies

  • Jeff Payne November 24, 2010 at 5:22am
    Robert, I took the survey, great idea!

    Robert Aldana said:
    I am doing a survey with agents here in Northern California, and I have to assume that the numbers should be consistent with the US, and one of the questions I asked was how long it takes for a short sale close from beginning to end and the answers were evenly split between 3-5 months and 5-7 months. Each answer got about 35% of the votes so far.

    I would say about 5-6 months from what I am seeing. If you want, take the survey and see for yourself what others are saying. Please know that I am not selling any service or anything, I am just a real estate agent trying to rally our industry and in hopefully getting answers and solutions to this mess.

    You can take the survey at: http://survey.constantcontact.com/survey/a07e35g782sggtlu6v2/start

    Good luck!
  • Robert Aldana November 23, 2010 at 6:10am
    I am doing a survey with agents here in Northern California, and I have to assume that the numbers should be consistent with the US, and one of the questions I asked was how long it takes for a short sale close from beginning to end and the answers were evenly split between 3-5 months and 5-7 months. Each answer got about 35% of the votes so far.

    I would say about 5-6 months from what I am seeing. If you want, take the survey and see for yourself what others are saying. Please know that I am not selling any service or anything, I am just a real estate agent trying to rally our industry and in hopefully getting answers and solutions to this mess.

    You can take the survey at: http://survey.constantcontact.com/survey/a07e35g782sggtlu6v2/start

    Good luck!
  • Jeff Payne November 22, 2010 at 3:38am
    Thanks Thom.

    Thom Colby said:
    Jeff,

    3 years ago I was spending about 10 hours per short sale PER WEEK. Now, It's more in the vicinty of 1 hour per deal per week.
    I have one that has been ongoing for 2.5 years, we're on our 4th buyer - and another that is coming up on our 1 year birthday.
    Most transactions are working through to closing on average 3 months. It seems the higher priced properties I can get done in less than a month (I closed one in 14 days after initial submittal (EQUATOR) but it was mid-$1 Million)
    Hope this helps
  • Thom Colby CA Brkr 888-391-5245 November 21, 2010 at 8:04am
    Jeff,

    3 years ago I was spending about 10 hours per short sale PER WEEK. Now, It's more in the vicinty of 1 hour per deal per week.
    I have one that has been ongoing for 2.5 years, we're on our 4th buyer - and another that is coming up on our 1 year birthday.
    Most transactions are working through to closing on average 3 months. It seems the higher priced properties I can get done in less than a month (I closed one in 14 days after initial submittal (EQUATOR) but it was mid-$1 Million)
    Hope this helps
  • Jeff Payne November 19, 2010 at 2:47am
    very interesting Victor. So I will assume that you come from the camp that says short sales are much easier and quicker whem you have systems and models in place. So 10 hours over the course of 60 to 90 days so that is about 3 to 4 hours per month, very good

    VIctor T. Gurrola said:
    I use a CRM system Called Highrise so we log the exact time spent working on a file and we have averaged about 10 hrs per short sale. We looked at 2009 and it was 17 hours , so it has been faster. Thanks for making us look.
  • VIctor T. Gurrola November 18, 2010 at 1:22pm
    I use a CRM system Called Highrise so we log the exact time spent working on a file and we have averaged about 10 hrs per short sale. We looked at 2009 and it was 17 hours , so it has been faster. Thanks for making us look.
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