My average is 3 months, but I have seen it take up to 6. I have heard tales
from some agents that it took 9 months - I think that's rare.
Short Sale is not for someone in a hurry.
Prudential Indiana Realty Group
every case is different. There can be 1, 2, 3, or more liens on a property that need to be cleared. It typically takes 90+ days and up to year in some cases. It's not for the faint at heart. Good luck!
Broker - Owner
Good luck in your home search!
There are several factors that will make a big difference:
1. Complete financial package from the seller including hardship letter ~ get used to keeping track of all of your expenses and income, this is updated every 30 days to stay current with the lender.
2. Is there only a primary loan? If so that is your shortest time. When a 2nd, 3rd, HELOC, it adds time.
3. Is there Mortgage Insurance - can be another road block.
That is the best way I know to tell the story. It is not rocket science. You just need someone who knows the ins and outs of the system.
Debbie Albert, PA
Keller Williams Realty Treasure Coast
The speed of the short sale can be expedited if the listing agent submits all the requisite documentation at the time they submit the offer to the bank. This will fast forward things as it eliminates the lender needing "one more thing" before they can fully review the file.
I've seen short sales take as little as two months. Others, six months and still others, I don't know if a decision will ever be made....Just remember lenders like communication. Keep them informed, be respectful and if you don't know what you are talking about, be honest! Nine out of ten times you will get someone on the file who wants to help, so work as a team.
Patience are needed when dealing with a short sale.
Best of luck...