Short Sales in Coconut Grove
So far this year there have been 8 single family home SHORT SALES sold this year in Coconut Grove. The average length of time between the day these homes came on the market and the day they closed was 9 months.
It would be better to know how long the short sales took from the moment the first buyer submitted their offer to the closing day because this unknown factor is a huge issue for many buyers. However it is impossible to know the official number of months it takes to close a short sale because many Realtors (i.e. the not so honest ones) don’t like to change the status of their short sale from “Active” to “Pending” in order to receive more backup offers. They want those backup offers because the first buyer almost always walks away from the short sale due to the amount of time it takes to complete the process. It is usually the second or third buyer that actually ends up buying the property.
In my experience, the time between when the first offer is submitted to the bank, to the time when the property closes (usually with a different buyer), is at least 6 months (compared to 1-2 months for a normal sale).