the waiting period is depending on the bank, how quickly you, AND THE SELLER, respond to the paperwork the bank requests. If everyone is working together, in my experience:
Wells Fargo 60-90 days
Bank of America: 90-120 days
Smaller banks: 90-120 days
BUT!!!: if there are issues, counter offers back and forth, an unresponsive seller that does not get paperwork back to the bank quickly, it could take much longer. As well, if there are multiple liens/mortgages involved, it could take longer.
It can be a very arduous, time consuming and frustrating experience. Lot's of buyers don't have the stomach to deal with all the minutia and just give up. Unless you're doing it for a living the negotiation process can be grueling.
Sometimes inexperienced buyers are just better off going the traditional route. In today's market due to the downturn in values you can still foster some very attractive deals out there without having to deal with all the BS. Good Luck.
Ah, love this question. Answer: anybody's guess.
So many variables. I once had an approval from lender, and they WOULD NOT email/fax etc me the letter insisting that it would be coming in the mail to my client. It took 21 days to get the letter! Really!
On the other hand, I had another short sale approval letter in hand 2 days after the offer was presented.
The buyer's agent
The seller' agent
The negotiator(s) (How many loans?)
The Mortgage Insurance company (if applicable)
The Escrow company
The method of communication (email/fax/equator/slow boat ...)
I am being sarcastic but there is no definitive answer. Even if it is the same lender as last time, I have no way of predicting. I simply stay on top of it and make sure it happens as fast as the list above allows it.
Short sale transactions are closing quicker because many of the banks are working to close short sales in a timely manner. When considering a short sale, check to see how many loans are on the property. A second loan has to be negotiated which can cause the short sale to take longer. Loans with the same bank will typically take a short amount of time to get short sale approval.
Short sales that have short sale lender approval will close faster since the sale has already gone through the short sale process. Many short sales have gone through the process and received short sale approval and the buyer backs out. My experience in closing short sale approved homes, typically the short sale approval is provided in 30 â€“ 45 days. Short sales may take longer they are a great opportunity in buying a nice home.
Prudential California Realty
When a seller applys for a short sale the seller with the help of his/her agent is deciding the asking price, however the bank needs to approve the price, because many buyers will not look at short sales and most agents discourage buyers looking at them, they are usually priced lower than what the bank will think it is worth.
Short sales can take 45-60 days once the application is completed and submited but there are many listing agents & sellers that take 30-60 days just to get all needed paperwork.
It is important that if you are interested in a short sale you and/or your agent should contact the listing agent and discuss the status and progress of the application, What it submitted yet? How long ago? What bank is it with? etc.
Real Estate sales person
Loan officer nmls #367092
847 Fulton St
Farmingdale NY 11735
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
Once your agent answers your questions about where you are and what kind of loan you are dealing with, go online and research that info. You will find thousands of posts from other people who have gone through it. Good luck!
There is really no speeding up the short sale process beyond controling what you are responsible for. Make certain that your paperwork is both complete and accurate will help.
The most time consuming factor with short sales is normally on the part of the bank......and there's no way to move them any faster than they are willing to move! Control what you can on your part and then plan on waiting usually 2-6 months.