There is no definitive answer on when a short sale will close.....It depends on the banks and when there is an offer accepted.....each bank has a different process and different time frame on how the process the short sale.... I have worked with some banks that have gone as quickly as 45 days and other banks have gone as long as 6 months and some never get done.......
It depends on who the lender is
how many loans/liens
how cooperative the seller is in producing required documents in a timely manner
how much the offer is --- too low ball? not enough to be seriously considered by the bank invest
how well the listing agent follows up (experienced agent makes a huge difference)
If the bank is Wachovia, hallelujah! They close like regular sale.
If it's Bank of America or Chase, for example, God help you.
There are so many factors that will determine how long short sales take, but two things you'll need if you're involved in the short sale: patience and flexibility! Good luck, Caroline
For a full list of tips on how to sell your house trhough a short sale, please see my blog.
But that isn't relly what you are asking.
From the time the Offer is submitted to the Bank, until the Bank responds, is normally 3 months to a year:
Yes, you cannot make an average out of that.
For this reason; we cation Buyers to be prepared for a long wait; and I mean looooooong!
When get many questions from Buyers who have run out of patience; they want to move on, but are affraid of losing the house. They are blaming their Agent for the lack of communication. They are frustrated.
They should never have entering into the deal!