What Patty is talking about - a short-sale - is a totally different type of transaction and takes an average of 90 days to get a response and then another 21 to 45 days to settle if/when you get a "yes". But, as Patty's situation shows, that's only the *average* time frame - it can take up to 6 months sometimes. And the more trusts and/or banks involved, the longer it will take and the less chance you have of getting a "yes".
I wish there were a 'blanket' answer to this one. However, when the bank is involved, this will vary. It depends on many factors, such as how skilled is the bank's negotiator? How many people does this pass back and forth through prior to going to the bank, etc., etc.? I have buyers who have been waiting on bank approval from a bank for a 'short sale'. We wrote a strong offer in January - and we are STILL waiting. As the buyer's agent, my hands are tied. The listing agent (for the sellers in 'short sale,') is the only one permitted to contact the bank's negotiator, and that's been less than amazingly slow, as that negotiator is quite lax on returning phone calls to the agent...SO - we wait...
I wish there were better news...sometimes this CAN go quickly...but it depends largely on the individual bank's policy/procedure in handling short sales and/foreclosures.
Best of luck to you!
Like Danilo answered, you could get an answer in 2 to 5 busisness days, but when are you actually getting to closing?
This is an absolute great question and I wish we could give you a very simple answer. It depends on the lender, where they are in the foreclosure process and how much of loss they will be taking.
On the short side 10 days to months. good luck.
I just had a buyer wait 3 1/2 months for the answers from 2 banks that had to give their approval for a short sale. A short sale is when the seller is selling the home for less than owed on the property. Banks are being bombarded with these such sells and are not equiped to deal with the volume. They usually will accept a reasonable offer but the waiting is almost unbearable for buyers.
My recent sale saved the buyers almost $75K though so it is worth it if you stick it out! I hope this helps!
In defense of the banks though...realize that they are not dealing with a couple of these a day, but hundreds and thousands of cases a day. I know it is hard to wait, but you really could be getting an awesome deal!!!
I hope this information helps! Best Wishes!
In a nut shell, there is no exact answer. It all depends.