Roger Petersen Broker/Agent
Well, here's the thing, the market is transitioning back to far more traditional sales. This is because of the upswing in the economy. Some areas are still struggling more than others. As a result of this turn around, many lenders are not accepting short sales as readily as they were even, say, a year ago.
That said, it's still working for some, but they are much more difficult to get approved, especially if there is more than one mortgage on the property. So, all in all, it can take 4-6 months or even more, before you know whether or not it will happen at all!
I would advise, if at all possible, steer clear of short sales altogether.
There are so many factors to consider in each individual sale that dictate how long the process lasts. I have heard 4-6 months from a number of sources, but as Agent Block indicates below, one was fast and the other is taking longer.
Ultimately, the the amount owed to the lending institution compared to the selling value of the home is what will get the deal closed. Depending on the mood of the bank officer that day/week/month.
If there is a particular situation that you would like to discuss with me, I'd be happy to help.
Gary Kelemen Homes