The most important thing is WHO IS DOING THE SHORT SALE!!!
a prophessional short sale guy can make it in 3-4 months, while a short sales wonna-be will take 12-18 months if at all he will manage to keep the negotiation alive.
If you have a house you like to make a short sale feel free to call me at any time and view my web site for approved and ready to go short sales.
When or IF you're serious;
right before submiting an offer on the property. This also cuts down
the duration of the entire process by putting pressure on the
banks, which is obviously a great benefit for you as well.My deal
with most banks have gone very well, no complaints.
They didn't sell their loans, so don't need outside approval
They don't need to know everything about your financial situation, including your dogs name.
They sometimes offer the seller up to $5,000 cash back on a short sale
They don't care if you live in the home or use it as a rental
They won't come after you for the difference
They can usually give approvals on short sales in 10 days or less.
Companies like Chase Bank really are slow. Bank of America is okay.
If you can go for a regular sale / flip property. They can close faster..
If you do not have the time to wait, a short sale may not be the answer for you.
Nirmala is right. It generally takes 2 to 6 months. There is no way to know how long. Each bank is different.
If I can be of any help just call or email me.
Licensed R.E. Agent
Century21 Yve R.E.
NYS Certified Residential Appraiser
Based on my experience, in deals where the buyer is paying all cash, apprx. 2 months. In transactions where the buyer is financing the deal, apprx. 6 months. Each bank and transaction is different, so some transactions may close soon or much longer but hopefully you are getting a great deal.