There is no true answer to your question. I have short sales on the market that have taken over a year at times, even after a BPO. I have some that were approved in 3 weeks. There is so much happening behind the scenes at the bank's level involving: investors, mortgage insurance companies, awaiting items from the sellers... that can add to the delays. You can visit my website for more answers that may help you as you endure the process. http://www.arianaloucas.com/whats-a-short-sale.asp
Ariana Loucas, REALTOR, CDPE, SFR
I give "Snooki0922" a 70% probability she gets her short sale home. Maryland is not Florida, we are a small state with just 21 counties with only two of those counties having REO/ Short-sale problems.
Less than 1% of the states housing inventory are REO properties. Acitve short sale homes account for 10% or less of available inventory. We actually have a housing shortage for first time home buyers.
The Wild, Wild, West of real estate, known as short sales, presents an illusion of rules but the reality is, 'anything can and does happen.' You, the buyer, are the least influential in the process.
As others have suggested, what the home owner has completed is critical.
Now, the bank must be considered and determined if they are on the FDIC 'motivated' list.
If the mortgage has been sold, now the investors will be able to steer the outcome as they see fit.
Don't overlook the mortgage insurance company will play a role in the outcome.
Now, the mortgage servicing company is incentivized to encumber the process for their financial gain.
Should those treacherous water be successfully navigated, the homeowner get a last look at the deal offered by the bank/investor/insursnce company/servicer to determine if that deal (not necessarily your purchase offer) is of any benefit to them, They will have an exit strategy that 70% of the time proves to be more beneficial than agreeing to the short sale terms.
As you might be able to see, the initial assessment (we don't know what that really is) will prove quite irrelevant as the can is kicked from one quadrant to the next.
How long will it take? This situation must be evaluated in all its aspects by a real estate pro. Then the reality is your question becomes 'how long will it take to know if I'm on the losing team?"
In my area of FLorida that averages 271 Days. A child can be created in less time. A home can be built in less time. Eight traditional sales could be completed in that time. Nine bank owned sales can be completed in that time. Many, many other homes will have been bought and sold during this time. Yet, short sales continue to siphon effort, time, money and resources in the illusion this buyer will be on the winning team.
Wishing you the very best in success in buying your new home.
If the bank moves forward with the seller and your sales contract you should be sending updated bank statements, pay stubs "ETC" to your lender. Most approval letters on short sales demand settlement with-in 30 days so be sure your lender has a completed document loan file from YOU to start the loan process.
RE/MAX Realty Group