Hi, I'm hoping someone here who is familiar with short sales can give me some advice since the information I'm being provided by the listing agent sounds a bit suspect. But I could be wrong since I've never done a short sale.

The LA told me a short sale I'm considering could close in 14 days if I paid all cash. It's tenanted and listed at $69.9k. It was listed at $73.9. She sent me the following numbers:

Current Unpaid Principal: 25,765.54

Non-Interest Bearing Principal Bal: 31,405.20

Int from 6/1/23 - 10/5/24: 1,602.02

Late Fees: 9.83

Lender Paid Expenses: 8,093.50

Escrow advances: 1,235.36

County Recording Tax: 50.00

Total Payoff: $68,162.45

She followed up with Taxes, Recordation and 3% would put it around $72.5 more or less. As I mentioned earlier, the original list was $73.9 and it seems a bit suspect. Thanks.

The fastest short sale I have ever had happen was about seven weeks. A regular cash sale might close in two weeks but I serious doubt a short sale would.

Years ago a townhome build close to a wash was being auctioned off by the holder of the loan. There is never title insurance offered on a short-sale. So everyone had their own ways of checking records. Just because you can't find a lien recorded, does not mean it's on real or actionable.

This this townhome was purchased by the owner for around $105,000. They put down some money but hadn't made payments in over a year. With legal fee's, damages, etc--this property was under water, and everyone knew it.

So I went to an A/C contractor who fixed this owner of the townhome's a/c but never paid so a recorded lien was put on the title for around $3,500.

A few days before the auction I went to the A/C contractor with his $3,500 lien. I offer him $350 for it, he wanted $500-. We settled on $400.

As a hold of a lien, now I could obtain title insurance. So while everyone only offered up to $90,000, I went to $100. The property had appreciated a bit.

@Ken (NY) No where in the listing does it say, short sale, subject to third party approval or anything resembling. It only says For Sale. Also, when I checked the land rec, it said the mortgage was paid and satisfied in 2005, then another mortgage for 40k taken out in 2014. Since then, the only activity has been Mod of sub trustees.

@Ken (NY) No where in the listing does it say, short sale, subject to third party approval or anything resembling. It only says For Sale. Also, when I checked the land rec, it said the mortgage was paid and satisfied in 2005, then another mortgage for 40k taken out in 2014. Since then, the only activity has been Mod of sub trustees.

After re-reading the first post, I suspect it could be:

The taxes & recording fees mentioned later are typical closing costs not included in the list/sale price.

@DJ (VA), From my understanding, the lender pays the commission. Am I missing something?

Maybe they are just using the term incorrectly.

I do that with things all the time.

It is a short time period sale because it is a cash offer.

I have never gone thru a true short sale. Sorry for the confusion.

I have gone thru repo's which take longer when the banks get involved.

@Zero... I think you're right in that the LA is using the wrong term and I don't think it's by accident. Why else would she say 14 day close and mention a 3% fee but not disclose what the fee was for when banks typically pay that? Like I mentioned earlier, I reviewed other short sale information on-line (i.e., Redfin, Realtor and other sites) and they show when a short sale transaction became pending/contingent and when they finally closed. They ALL show the deals closed MONTHS later and I doubt if they were ALL, if any, were lender financed. Thanks for the information.