Some are a little faster, some a little longer but overall 1-2 ms is pretty average.
If there are junior liens you can expect a little longer of a time frame.
Each lender works differently.
it is important to have your agent know what the process is and know what is going on.
I have brought buyers to short sale listings only to find out the owner does not intend to sell their property.
You want to know if their is a nod or nos on the property and if their is a sale date to worry about.
I highly suggest using a buyers agent when considering this.
also there have been big changes recently about short sale negotiation. With the new MARS rulling I belive only attorneys can now do short sale negotiating. Check FTC,marsrulling attorney exception.
Legal Assistant - Realtor
925 699 5041
The time it takes for a short sale is differnt in every situation. It depends on how many loans there are on the property and who they are with. If there is more than one loan it could take up to 6 months easily to be approved. But if there is only one loan with B of A, it can be between 2-4 months. There are still no guarantees and if you get a negotiator that has too many files or if he/she is not very responsive, it can take a lot longer.
I am representing a seller right now who has one loan with B of A . We are just getting started on marketing the home. The short sale process will be started once I get an offer on the property and I am sure we can get it closed soon. Make sure the agent you go with has experience with short sales. They have to call the bank at least 2wice a week if not more to follow up. If they don't do that, the process will be very long.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.