As you can see from all the answers it really does vary.
As a "norm", not that there really is a norm, you can count on 60 - 120 days average. I've had the short approved in as little as 2/weeks, that was most def a fluke! By the same token I've experienced a 6/month wait.
Short sales are not for everyone and the impatient. You need to go in knowing that you may wait up to 6/months possibly longer. That being said if the property is what you're looking for and you're getting a good deal then it's worth the wait.
P.S. Make sure you work with a buyers agent that has experience in this type of transaction.
I had a buyer for a short sale and it took a year. So the question to ask is for those realtors who have done short sales, How long did it take? I've heard that some can be quick and some can be lengthy. If you decide to purchase a property that is a short sale be prepared to go the long term or for the deal in the end to not go through. I would suggest that you ask who are the seller's lenders and if they have more than one loan on the property. More than one loan means more than one bank must agree to participate in the short sale.
A better choice is a foreclosed property, when the bank is serious about selling.
Wishing you good luck
The banks are overwhelmed with short sales and foreclosures. Your offer goes on the bottom of the stack of paperwork at the bank. You will hear from the bank when your offer reaches the top of the pile.
This could take many months to find out if the bank is even willing to accept your offer, counter it, or reject it outright.
If there is more than one lender involved then the time frame will take much longer.
Short sales can be very frustrating so you have to have the patience and stamina to wait it out if you truly wish to purchase the property.
Good luck to you!
Prudential Connecticut Realty
Century 21 ProTeam
Feel free to contact me if you have any other questions. I have successfully completed numerous short sales in both California and Illinois.
True, it could take 6 months to get an approval. that being said most banks have clued into the process, BOA has clued into is so much they are laying people off...kind of sucks for those 3000+ people. I would suggest 2 months is standard time frame.
we close hundreds of short sales are work with agents in CHI-Town if you know of any seller in trouble. :) Originaly from the western suburbs of Chi-ca-go. cheers