Yes, it is very common today. Every bank is different, but the typical time frame is a minimum of 60 days. In some cases, you can start the process before the buyer is procured. Some banks will also consider a short sale before the seller is in default. Consider using an attorney or short-sale facilitator to stay on top of the process.

Robert Greenblatt
Keller Williams

Yes banks are doing short sales. It can take anywhere from 3 to 6 months and sometimes longer depending on if there are second loans or other liens on the property. If you are buying a short sale you need to be patient and make your offer a strong offer from the start. If you are selling your property, you should contact your bank and get the process started before you get an offer.