You've already received some great information. I'll add by telling you that Greentree does not have a great reputation for Short Sales. Here are a couple of things you can do or ask to help you determine if it's worth it to stay in the deal.
1. Know your contract details. - It is very important that you are aware of when contingencies in your contract expire. Because short sales can sometimes take a long time, I suggest that you either be prepared to wait how ever long it takes or determine now how long you're going to wait. This determination can save time for everyone involved.
2. Who is negotiating the short sale? - By now you should have received an update from the negotiator or your Realtor as to the progress of the short sale.
3. Continue to keep your lender updated on your financials. - After waiting to finally get a short sale approval, one of the last things you want to hear is that your lender is not ready.
4. Are you deciding to get an inspection now or waiting until later? - This is an important consideration to make in the beginning. What if you wait for 4 months, get the approval, do the inspection, only to determine that because of what was found you no longer want the house. By then,
you probably could have found a new house, had new furniture, the housewarming and more! ;)
5. Keep your eyes on comparable sales. It's a challenge to be under contract for 4 months and during that time learn that 3 other homes sold for $35,000 less than what you're under contract for on an extremely similar home.
I hope this helps!
Wishing you the best,
Ask me how!
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
cell 202 573-6035
There is probably 1000 different scenarios. A short sale can take anywhere from i would say 30 days to year. A number a factors include has the seller submitted all his/her paperwork to the lender, has the BPO been order, hardship letter, etc.
If Green Tree/lender has already approved number that they are willing to sell the home for i.e. $200,000, then it may go faster and move very similarly to a traditional sale.
If there is a second, third, or fourth lien, this could complicate the process even further and potentially extend the process, because you will need approval for all lien holders to proceed to closing.