If the seller's not provided everything and the lender isn't certain they'll do it - a looooooong time is likely. If they have everything and are motivated to move the home, it's faster. I've had them range from a month to ten months and counting. You better make sure this is a deal worth the wait.
I always suggest 5 to 6 months of cycle time.
Welcome to the time void of short sales. All banks have their own program. There is no standard program or plan to work short sales. The smaller the bank, the faster the approval process because they have fewer files. Just be prepared to wait...and wait a little longer. Who is involved with the bank negotiation? Wether a realtor, lawyer or title company, make sure you are on their update list. The selling agent will be in touch with them on a weekly basis. Make sure that you are on the update list to get information. and wait a little longer. Patience is not only a vertue...it is a necessary ingrediant to a successful short sale!
Debbie Albert, PA
Coldwell Banker Residential
The length of time for a short sale is any ones guess but there are a few questions that can help yo determine if the effort is going to be worth your time.
1. Has all short sale paperwork been submitted?
2. Has the owner presented their letter of hardship?
3. Does the bank appear willing to work with the seller?
4. Are there multiple loans on the property?
5. Are there any liens on the property?
6. Has the bank appointed a loss mitigator to the property?
7. Has the bank ordered an appraisal for the property?
8. Has the bank assigned an acceptable price for the property?
9. Is the seller being supported by an attorney?
The listing agent should be able to provide you with the answers to these questions and these answers may help you to see your way! In any event, the process is normally difficult, frustrating and very tme consuming....
As far as your offer price, the bank will not take much lower than what the house is worth in todays market. Make sure your offer is within the range of whast the value is. the bank will not give the farm away, if your offer is too low, it will get rejected.
please see my blog with tips and suggestions how to get a short sale approved.
Tips and secrets of the short sale revealed