Keep your fingers crossed, and just stay on top of your buyer's agent or the listing agent!
Christine Van Tuyl
Prudential California Realty
Leading Edge Award Winner, 2007, 2008
Yes, that is the $64,000 question.................
The length of time required for the bank to respond depends upon a number of factors, The bank will need to determine the extent of debt associated with the owners of the property: 1st mortgage, 2nd mortgage, line of credit, liens, marital issues, back taxes, etc will influence the banks position.
For complex situations it can require 4-6 months of review to provide the clarity the bank is seeking. There are many horror stories associated with short sales, enough to cause both agents and buyers to be a little "gun shy" about these transactions. A high degree of patience will definitely benefit your cause.
The answers that have been posted earlier are accurate. Patience is the key. Many buyers give up on a short sale purchase because it takes so long. You have no way of knowing how many hundreds of files these folks are working on at any given time. Most people who put an offer in on a short sale property are looking for a DEAL. Unfortunately, the way they have to pay for that deal is in time and frustration. Hang in there.
I would definitely not assume that. Short sales are very unpredictable and I would not lead your client to believe its closing until it's actually closing. Unfortunately being patient, very patient is part of the short sale process.
If there was more than one bank or more than one lien, the part after the negotiator is assigned can drag on for months.
And others are right - seller's acceptance means nothing as far as the timeframe for moving things along.
Some banks are quicker than others - the listing agent should be able to answer these types of questions better than any of us can based on his/her experience as a short sale listing agent in your area.
Christine is spot-on correct. It depends. It also doesn't matter all that much that the seller has signed. It's really the bank's decision. You are lucky that there is only one lender involved.
Your agent (who may also be the listing agent - we can't know this from your question) should be touching base with them daily. The squeaky wheel gets the oil. Any news on the appraisal?
Make sure your agent stays on top of them all the time (but nicely). Otherwise, this will slide for weeks/months.
There is not average time for response from Lender's. From my personal experience it is taking quite a while to get responses from most banks. Best to speak with your agent and the listing agent to determine where they are in the process and when an approval would be expected.