Hard to know. I believe banks are now mandated to give an answer within 30-60 days from submission of a COMPLETE short sale packet from the seller,(however, my last short sale took 5.5 months for an approval.)
The complete packets always includes a preliminary HUD-1, which tells the bank an approximation of what their final NET will be after paying necessary charges and fees.
Someone at Loss Mitigation will review the packet. If paperwork is missing OR the bank requests additional paperwork from the seller this can delay the process,
Once the bank deems the packet complete they should order a BPO (broker price opinion). This is the equivalent of a market analysis and lets then bank know what the fair market value of the house is so they can make their decision of accepting, rejecting or counter-offering your contract. I would have your agent ask the sellers agent to at least let you know that the BPO was ordered, and performed. This should give you an idea that the bank will be responding within a few weeks.
A short sale is NOT a short process and it takes two diligent agents and lots of communication, to get it to closing without the buyers getting frustrated and backing out of the transaction..
I wrote an article on the process. Hope this helps.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Now it could be an updated HUD is needed... something may have been wrongly put on the HUD... Banks sometimes will not allow certain charges on their side of the expenses and that will have to be corrected . So it would be lots of reasons. Part of the negotiation process.
Ask agent for updates and clarifications. http://sicklervilleshortsalerealtor.com/sicklerville-nj-buyi
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I think anyone who has dealt with short sales wishes they could give you an estimate on how long it takes. It almost seems random! Best of luck, patience is a virtue, and will often pay off when buying a short sale.
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