The time it takes is dependent on 1) The Bank Involved; 2) The Listing Agent or Negotiator.
I list pre-Negotiated Short Sales. Those usually close much more quickly-- usually within 30 days. But if the Seller did not start the process until you made your offer, it could take several more months.
I have one in Waxhaw that is about to be listed for $40,000 less than the previous sales price. When they are pre-negotiated, the seller has already gone to the bank and made the necessary paperwork and taken the time to ensure that the price the advertise can actually be accepted by the Bank. Then when they advertise it, the time it takes for the Bank to sign is already several months ahead of schedule.
Sounds like yours is not a pre-negotiated Short Sale.
Your agent should have had you sign a "Short Sale Addendum" . In the Short Sale Addendum it answers many of the questions that Buyer and Sellers have related to the special conditions of a Short Sale.
Remember, you are asking the Bank to accept LESS than the Seller owes to the Bank. They are in NO hurry to make this happen.
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