**Banks work pretty slow on short sales(especially Bank of America) and usually will take a minimum of 30 Days for an approval up to 90 days on traditional banks(Chase, EMC, Wellsfargo, Wachovia, Saline Financial, Credit Unions, Citizen, Union, City Bank) while Bank of America you are looking at a minimum of 90 days up to a year for an approval. **
Let me know if I can be of any further assistance, I also have my own negotiation company that costs nothing to you as the buyer or to any of the agents in the transaction, we simply ask to have your escrow. We also have a 97% success rates with short sale and have contacts at most major banks to get a quicker close on your home purchase!
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Byron Lohman, CDPE, SFR, CCIM
Prudential CA Realty CA Lic #01272085
When representing the Seller I update the Buyer's agent on weekly basis.
Depending on the lender who holds the note this process is a lengthy one and patience is key. Some lenders respond quicker others do not, depending on the platform they use to process the Short Sales.
If you're running past 120 days, it's possible that the listing agent or a third-party negotiator is not on the ball and is lax about calling the bank. Calling the bank means waiting on hold anywhere from 10 minutes to an hour or longer.
Or, a lengthy short sale period can also mean the bank has internal problems, not enough staff or has lost the file a few times, prompting the listing agent to resend the package over and over.
It can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser.
Unfortunately, you can't always avoid problems on a short sale. Patience is key. You'll most likely eventually get short sale approval. Threatening to walk away means nothing to the bank. Your best bet is to stick it out and wait, providing you truly want the home.
Are you working with an agent? I'd be happy tp help, call me 805-416-6528 Paula, Ziprealty
So, in a nutshell, a buyer's agent should check in FREQUENTLY. I would say at least once a week for an update, even if the update is that there is no update. And please, please, please be ready to MOVE when the bank finally makes a decision because it's been my experience that they make buyers wait forever, but when they give final approval, they want it closed within 30-45 days without exception or with outrageous penalties.
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Need to Short Sale Your Home or Have Questions About Short Sale, visit: http://www.Short-sale-Vs-Foreclosure-Help.com
Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
Dre License #01712757