Home Buying in Waxhaw>Question Details

Nicci1433, Home Buyer in Charlotte, NC

How long will it take for a short sale to be approved by the bank. It has been 1 month already

Asked by Nicci1433, Charlotte, NC Thu Mar 1, 2012

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Relevant to the short sale process, all of these answers are correct and advice to review your Short Sale Addendum is great advice! I have worked on both sides of short sale transactions. The most successful transactions were those where all parties involved kept open ended communication and set proper expectations for their clients.

Kindest regards,
0 votes Thank Flag Link Thu Mar 1, 2012
Normally six month but there is not any specific time for this, some time it takes more than a year.
0 votes Thank Flag Link Thu Mar 1, 2012
Hi Nicci,

It is impossible to predict, I tell my buyers from 60-90 days but could be longer.

Good Luck,
0 votes Thank Flag Link Thu Mar 1, 2012
I have a buyer client that has been waiting for over 4 months!

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.

If this answered your question, give me a "BEST ANSWER" or "THUMBS UP"! That way other readers will know I'm giving good advice. Thanks!
If you have more questions: post them, email them, or call me: 704-858-2345.
Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Thu Mar 1, 2012
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