They are all different and there is no normal right now. Things are supposed to get better in the next few months, but until it happens...

We are working on one right now that will have taken about a month. There was only a first and the seller was very involved in moving along the process.

Most have taken longer than that. There are so many variables that it is really hard to say. I would say plan on 3 months though.

Dannielle just how long has it been?

We have personally seen local banks give us an answer in a day or two where as larger banks 2-3 months. They are looking at the comps of the home, what the seller owes, if the seller has a hardship, if their are 2 loans, if it's gone to sheriff sale and if your offer is worth looking at. This takes time.

I have spoken with negotiator's that say they have up to 300 files on their desk and they can't move any faster.

Best like Cicely said stay on top of your agent and have them stay on top of the bank. Having an active seller also helps a ton.

Cindy Knight

I think you need a "Michigan" answer. It depends on all of the things others mentioned, but it will help if your agent keeps "nudging" the listing agent for weekly reports of progress. As a listing agent, I can track down and get approvals in about 2 months, but the I have to "sell" the bank's offers to my sellers. Some banks will forgive the deficiency and others will not so the seller can be a stumbling block to the deal too. That's expecially true if there are 2 liens. I'm finding that the second usually wants some sort of repayment plan and sellers may or may not go for that.

Danielle,

While I have no clue what is happeining in CA, i can tell you that the new govermental plans are favoring implmenting ways in which current hmwoner can keep their homes, thefore the ptoetial delay in responding to your offer, Here in NJ, all foreclosures were held until 4/1 or was it 3/1 (just can't keep track anmore!)) in favor of a positive solution from the government. Is it 3/1 or 4/1, I can't say . . . I just can't keep up with the changes . .. . all I can I can is that the these potential chages can affect your5 offer.

Love and peace,
Francesca

It does NOT depend on the lender as much as it depends on if a previous offer has been submitted to the lender yet, and where they are in the process from any previous offers. I submitted a contract, GOT IT APPROVED AND -CLOSED- in two weeks with Aurora last month. I also close one this month with Countrywide that took less than two weeks to get an approval letter. Both of these were already 100% approved. Its ALL about whether or not it is assigned to a negotiator or not with the lender, and where they are. I am the founder of the short sale specialist network, and network of agents who specialize in short sales. Use caution, and use a local short sale specialist. Find one at the link below.

Danielle,

The length of time necessary for a "short sale" varies greatly and depends on a number of factors. 3-6 months for these tranactions are not uncommon.

We encourage our buyers considering "short sales" to look at how far along in the "short sale" process the seller is. If they have been working with the bank for a while, taken care of necessary paper work, been appraised, and the bank has indicated an acceptable price range, the duration may be greatly shortened.

On the other hand, if the seller is just beginning the process.......you can plan on the need for great patience.

Good luck

It depends on the lender, as well as the experience and skill of the lisitng agents. I have had approval in as little as three weeks (Wells Frago, Wachovia) and other have taken 6+ months. (Countrywide, Chase) I hope this helps!