Fitzgerald Realty & Auctioneers
William J. Fitzgerald

                                        "Why Do Short Sales Take So Long"

What is a short sale? A short sale occurs when the lender accepts less than what is owed on the mortgage to end the foreclosure process. Some lenders take two weeks and others take over 6 months.

The purpose of this statement is to temper the expectations of the buyer on a short sale offer.

You must allow for a reasonable amount of time for the transaction to take place. Often it can be 30-90 days before you receive information from the bank and 30-60 days after to accept an offer. Communications between the buyer's agent and the bank is not possible. Therefore, you need to rely on your buyer's agent to receive communications from the seller's agent on a periodic basis. You should expect to get biweekly updates even if there is no new information to report.

The Short Sale Time Line Upon Ratified Contract

Day 1-15
An offer is received by the Estate Representative and submits the package (if complete) to the lender.

Day 16-30 Lender receives full packet and the file goes into rotation to be assigned a negotiator. Once a negotiator is assigned, a BPO (broker price opinion)
is ordered to help the lender determine the property value.

Day 31-45 Once the BPO has been completed and returned to the negotiator, they will have 15-30 days to review the file and determine if the offer is in line with their Market Valuation. If the offer is accepted by the lender, the file is forwarded on to the Investor/Mortgage Insurance Company. They may return a counter offer or the offer may be rejected.

Day 46-60 Investor/Mortgage Insurance Company either returns the file as an approved file, giving it authorization to close, or they will return the file as a denied file and require a counter offer. If the file is approved, the approval will only be good for about 30 days.

Day 61-90+ If a counter offer is received, the Investor/Mortgage Insurance Company can take another 15-30 days to review. If the counter offer is accepted, an approval will be granted and closing will be possible. There are times when the Investor/Mortgage Insurance Company will refuse a second counter offer and the file will either be closed until a new offer is received or the Investor/Mortgage Insurance Company may decide to take the property through the foreclosure process.

Short Sale

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What our clients are saying  

We had great service, we would recommend to family & friends, would work with again, very helpful and went the extra mile to help, very friendly, professional and answered all our questions, returned our calls, emails and text messages very quickly, very reliable and efficient, extremely helpful & informative, very knowledgeable.


~ Randy and Jill Stauffer/St. Mary's Seller

Billy was the best, helped me with everything and got it done. I'm very happy and satisfied.


~ Joe Young / St. Mary's Buyer

Very good experience with Fitzgerald Realty & Auctioneers.


~ Rick Greer/St. Marys Buyer

Billy got the job done!


~ Wally Yowaiski/St. Mary's Seller

Fitzgerald Realty helped us find the home we wanted to invest in and guided us through the process of buying it. Settlement was conveniently done in their office and went very smoothly. We are planning to purchase again through this company. Thanks Billy


~ Tom & Betty Campbell/St Mary's Buyer

I reached out to Fitzgerald to find a rental for myself and two kids. I spoke first to Office MGT. , she was very helpful. She then put me in good hand with Mark Thompson. He was helpful, showed me property, answered all my questions, punctual and any time was a good time for him. He definitely was there to help! Thank you so much and when I'm ready to do the whole buying of a house goal I will definitely be calling up Fitzgerald Realty :)


~ Leighann Myers / St. Marys Renter

Billy Fitzgerald was very diligent in keeping us informed on the status of the sale and the settlement for the property that we had for sale. He currently has one other listing for us and feel confident that he will be successful in finding a buyer for this property as well. We will certainly recommend Fitzgerald Realty to our family and friends.


~ Linda Tyler / St. Marys Seller

I want to thank you for getting my Townhouse sold. The way you took the photos, listed it and being "straight" with me on the asking price made all the difference. I also want to thank you for the excellent service I received while in your capable hands. You are a TRUE SOUTHERN MARYLAND GENTLEMAN and an OUTSTANDING Real Estate Agent. Again, Thank you Billy ....


~ Carolyn "Judy" Bakewell / St. Marys Seller

We had great service! We would recommend Billy to family & friends. He was very helpful and went the extra mile to help and would work with again. He was very professional, friendly and answered all our questions. He would return our calls, emails & text messages very quickly. He was extremely helpful, reliable & efficient, also very informative & knowledgeable. I give him 5 stars!


~ John Taylor / St. Marys Seller

Good professional, courtesies service. The agent went to bat for me on every opportunity. After the deal was struck Billy aka (COL) did all that was expected and moved rapidly to wrap to entire transaction up. My family appreciated working with Billy and the Fitzgerald Real Estate family and we would recommend their services to others.


~ Mark Steedley / St. Marys Buyer

Billy went far beyond what anyone else before him did. Billy is a great person and will be the only one I ever recommend!


~ Craig Tiburzi / St. Marys Buyer

Amazingly when I saw a Fitzgerald Sign in the front of property I had to have, I reached out to Mr. Billy Fitzgerald and in less than a month the necessary people were contacted to assist in a short wait to closing. I would gladly recommend The Fitzgerald Realty & Auctioneers to family and friends.


~ Brian Small / St. Marys Buyer

My husband and I were very satisfied with the expertise and helpfulness of Mr. Fitzgerald. 4 stars


~ Carol Pingleton / St. Marys Seller

I wanted to commend Fitzgerald Realty & Auctioneers for the great job that they have done, for the many years of selling Real Estate for me and my clients. I have always found you very responsive. “A successful transaction is never an accident it is the result of personal service and a sincere effort”. Keep up the good work. Sincerely, Rudolf A. Carrico Jr. Attorney at Law


~ Rudolf A. Carrico, Jr. / Charles County Seller

Awesome ! We are so happy with Billy & Fitzgerald Realty !


~ Misty Peed / St. Marys Buyer

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