Hi Ria24,

It is a case by case thing. A lot of it will depend on how competent the listing agent is & if they filed the correct paperwork from the beginning. Some can move along very quick but others can get really dragged out even if everything was done 'properly'.

The asset manager may 'approve' the contract but if the seller has multiple liens the closing itself can get dragged out, because these liens need to be settled.

Eric P. Egeland
Broker Associate
RE/MAX UNITED http://www.NorthShoreREO.com

Hello Ria24,

It is obvious that short sales are becoming more dominant in todays real estate market. As a Certified Distressed Property Expert (CDPE), my experience has showed me that it is the preperation and presentation of the short sale package that usually determines the response time. An agent who has relationships with real estate attornies and title companies that deal with short sales has a much better chance in getting the transaction completed.

Eldridge E.J. Johnson, CDPE
Key Realty Group Inc.
Waukegan, IL

Hi Ria24,

I am assuming you are asking how long it takes to get approval from the lender--and of course it varies. It really goes back to the prep work that the listing agent and the seller's attorney have undertaken prior to receiving the contract. The listing agent needs to get from the seller a hardship letter, list of assets, bank stats, tax returns, proforma HUD-1 and all lender information to the 1st lien holder. The real key to the transaction is to use an attorney that specializes in short sales. You need an advocate that can find the "decision maker" and move your contract from the middle of the pile to the top of the file. We have had a 1 day turn around on short sales and 1 that took 9 months to get approval. My best advice is to find a Realtor and attorney that specialize in short sales.

Hello
It has been my experience that the more experienced the listing agent has with short sales, the smoother and faster it goes. I've seen as long as 12 weeks to wait for a response on a offer, and as short as 24 hrs. So it depends on the agent and the bank(s) involved. Also depends on if there are first and second mortgages on a property and how detailed of a package the listing agent provides to the bank. If there are any pieces missing or not filled out completely, the bank skips over it in favor of the properly completed offers.
Good luck
Jennifer Kinzle, E-Pro Realtor
Keller Williams Fox Valley Realty
St. Charles, IL