Property Q&A in 92532>Question Details

Vmarie129, Home Buyer in 98373

I've made an offer on a short sale home that has already been bank approved.

Asked by Vmarie129, 98373 Thu Jun 18, 2009

How long does it usually take after an offer has been made for the bank to accept the offer?

Help the community by answering this question:


If the seller has already received approval from all lien holders (likely because they had a prior offer that was submitted with the short sale package and that buyer walked), then you should get an answer fairly quickly IF your offer is comparable to the terms of the prior offer (net proceeds, services being demanded, etc) OR if it is close to the BPO (appraisal) that they have on file.

If your offer is a good amount lower than either the prior offer or the BPO, then it will likely be longer and up to 45-60 days. The negotiator may reject your offer. But if a significant amount of time has lapsed since the BPO was done, they might start the approval process over which starts with ordering a new BPO.

Best of luck!

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisal
Web Reference:
2 votes Thank Flag Link Fri Jun 19, 2009
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