The length of the escrow time for Las Vegas short sale homes, condos depend on the type of short sale
Escrow time for Las Vegas short sale homes, condos varies and it could take up to a year to get an approval. Given that lenders counter the buyer’s offer at the approval time, in quickly appreciating markets long waits can lead to the bank countering at much higher prices than when the offer was made. So it is important to have an idea about how long escrow time is.
It is customary to open escrow and deposit the EMD when an offer is accepted by the seller. However, when the short sale is fully approved by the lender, the deal is consummated and escrow is closed.
In this video, we talk about how long it takes to close the deal for pre-approved, unapproved and approved short sales. This includes those who run in online real estate auctions and the combination bankruptcy or probate short sales which require approval by courts in addition to the lender.
In the last video, we discussed the three types of short sales listings in the Las Vegas MLS, their difference with each other and with foreclosure or bank owned homes, condos and high-rise condos.
In this video, we showed that regardless of the type of short sale, the average escrow times are close to or longer than 3 months. We also showed that two out of three of the longest full approval or escrow times, both longer than one year, belonged to pre-approved short sales.
In the next video, we will discuss why do buyers make offers and buy Las Vegas a short sale homes, condos.
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