Asked by: Jim Passon
real estate real estate buying and selling

How does quick sale work?

Last Updated: 18th February, 2020

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Quick sale” firms offer to either buy your house or find you a third party buyer very quickly, and pay cash for your property, usually at a discount from the full market value.

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In this regard, what does quick sale on a house mean?

Known as a "quick sale," it's the sale of a property that's in its defaulted mortgage's preforeclosure period. Peforeclosure is the time between mortgage default and foreclosure sale and is really a lender's grace period for borrowers. Speedy sales of homes in preforeclosure are called "quick sales."

Beside above, are Sell Quick any good? Sell Quick has no independent online reviews from previous customers, and so there is little information on their past sales and customer feedback. As with most fast cash buyers, Sell Quick will offer less than the open market value for all properties, in return for a fast and hassle-free sale.

In this regard, how long does a quick sale take?

From that point to the time of short sale approval, the average timeline is about 60 to 90 days. It means 30 days to sell + 60 days for approval + 30 days to close escrow = 4 months, on average.

Is it a good idea to buy a short sale house?

A short sale results when sellers don't receive enough cash from buyers to pay off their mortgages. This might sound like a good deal for the buyer, but these homes usually sell "as is" and can take longer than usual to close.

Related Question Answers

Teimuraz Adashev

Professional

Does a quick sale hurt your credit?

Yes. There is no way to avoid the damage a short sale does to your credit score. A short sale can knock as much as 160 points off your credit score, but the level of damage heavily depends on your credit standing before the short sale and how much your lender gets in the sale, among other things.

Nedyalka Onofrio

Professional

Are short sales cash only?

A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is "short" the cash needed to fully repay the mortgage lender. Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them.

Amelio Iskujin

Professional

How do I sell my house fast in a slow market?

10 Secrets to Selling Your House Fast in a Slow Market
  1. Know Your Market.
  2. Price Your Home Right.
  3. Make Your Home Presentable.
  4. Market Your Home Aggressively.
  5. Be Flexible With Showings.
  6. Play Up Your Home's Best Features.
  7. Offer Buyers Incentives.
  8. Offer Flexible Terms.

Dilbag Etxaniz

Explainer

How do I sell my house ASAP?

A Quick Little Guide to the Fastest Way to Sell a House
  1. Start With a Top Selling Real Estate Agent. Hiring a successful real estate agent is the first step to take once you make the decision to put your home on the market.
  2. Be Smart About the Listing Price.
  3. Fake it Til' You Make It.
  4. Keep Up With Current Technology.
  5. Keep Your Friends Close…
  6. Don't Cut Corners–Bring in the Pros.

Armandina Trovoo

Explainer

What is short selling example?

Short selling is a fairly simple concept: an investor borrows a stock, sells the stock, and then buys the stock back to return it to the lender. Short sellers are betting that the stock they sell will drop in price. However, if the TSLA price rises to $355, the investor could net $315 - $355 = - $40 loss per share.

Denilson Nuarbe

Explainer

What does a seller have to pay when selling a house?

The real estate commission is usually the biggest fee a seller pays — 5 percent to 6 percent of the sale price. So, if you sell your house for $250,000, you could end up paying $15,000 in commissions. The commission is split between the seller's real estate agent and the buyer's agent.

Micki Pelecha

Pundit

How do you sell and buy a house at the same time?

Consider this key information on how to buy and sell a house at the same time.
  1. Evaluate the local housing market. The state of the real estate market in your area is often the biggest factor in timing your home purchase and sale correctly.
  2. Choose an experienced real estate agent.
  3. Understand your financials.

Segismundo Hazipov

Pundit

Why do banks prefer foreclosure to short sale?

Banks are run like a business because they are a business looking to earn a profit. If it costs more to foreclose over agreeing to a short sale, the bank is very likely to favor the short sale. With foreclosure, a bank takes possession of the house, then resells it at a mortgage auction to the highest bidder.

Krystina Salado

Pundit

Can a short sale close in 30 days?

Mortgage lenders prefer to close short sales within 30 days or less after approving buyer offers. In fact, lenders often push for closing short sales within two to three weeks of sale approval.

Sarabi Menoita

Pundit

What happens if bank does not accept short sale?

If the lender approves the offer, the short sale moves forward. If the lender does not accept the offer, the buyer may counteroffer or end the process.

Engelbert Stolten

Pundit

How long does it take for a bank to accept a short sale offer?

The short sale process, from submission to short sale approval, is generally as follows: Submission of offer and complete short sale package from the seller. Bank acknowledges receipt -- 10 to 30 days. Bank orders a BPO or appraisal -- 30 to 60 days.

Georgica Iguacel

Teacher

Can a seller back out of a short sale?

Because the short sale approval process is often long, drawn out and lender approval can't be guaranteed, the buyer can back out if it takes too long. A buyer can walk away from the transaction if the lender fails to respond or approve his offer within the time period specified in a short sale addendum.

Daiane Jenderny

Teacher

Why are short sales so difficult?

Short sales happen because the loan on the property is larger than the sale price minus all the sale expenses. With a short sale, the seller is asking the bank to take less than the amount owed. The seller's bank must approve the sale, and this is where the big delays can happen.

Grietje Coors

Teacher

What do I need to know about buying a short sale home?

Know what you're getting into before you buy a short sale or foreclosure property, and be mindful of these five common mistakes.
  • Ignoring property problems.
  • Skipping the home inspection.
  • Ignoring legal and insurance information.
  • Leaving too little time for closing.
  • Falling hard for a bad home.

Marco Pander

Teacher

Are short sales worth it?

You may not be getting a great deal.
When a short sell listing hits the market, it may be listed for less than it's worth to draw buyers in. But that doesn't mean that's the price it will sell for. While there may be instances where a short sale property really is a great deal, that won't always be true—so be careful.

Melvyn Yan

Reviewer

Can you negotiate price on a short sale?

Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.

Charlie Ormaegui

Reviewer

How long can a house stay in short sale?

If you're buying a house through a short sale, you can't sell it for another 90 days.

Hongbin Badecker

Reviewer

What can you sell for quick cash?

Here are 10 things you can sell to make money today.
  • Books. You probably won't get rich selling old books online.
  • Gift cards. Unwanted gift cards can be turned into cash.
  • Furniture. Make more space and cash by selling old furniture.
  • Clothing.
  • Sports equipment.
  • Disney VHS tapes.
  • Scrap metal.
  • Kids toys.

Bridgett Hysa

Reviewer

How fast can a house sale go through?

Selling a house quickly depends on the market
Of the 250 largest metro areas, here are the areas where homes are sold the quickest (between 36 and 45 days), areas where homes sell in roughly two months (around the average of 68 days), and the slowest-moving markets, where it takes four months or more to close a deal.