I have to agree with the others that say "it depends". Not only on the lender, but in the case of a short sale, the specific situation. Usually REO's have a faster response, at times within a week, but those can also vary.
There are so many factors when it comes to the banks making a decision on a Short Sale...
1. Does the sellerâ€™s loan have Private Mortgage Insurance?
2. Is the sellers loan a Government backed loan (Fannie Mae or Freddie Mac for example)?
3. Is the bank allowed to make the decision on the Short Sale Offer or does it have to get approved by the original investor on the loan.
As far as REO (Foreclosures) go, generally the response time from the banks is much faster. Some of the banks that we are handling REO properties for, respond to offers in hours while others take as much as a week.
Hope this helps,
John Goad, Jr.
Your agent, as well as the listing agent, will have a dramatic affect on that number. Make sure your agent (assuming s/he is different than the listing agent) gets their name put on the list of people allowed to discuss the loan situation with the bank. Banks require that sellers authorize who is allowed to speak with them concerning their loan. The seller can authorize one or both agents. Once your agent is authorized to speak with the bank, have them call minimally twice a week to check the status of the paperwork and to see if there are any items they are missing. If you do as much of the bank's work for them and continue to follow up with them, you can get an escrow to close in 30 days or less. I know from personal experience.
I hope this properly answered your question, Sally.
Are you talking about a short sale situation or a foreclosure situation, and if it is a foreclosure...where in the foreclosure process is the property in question at. In either case, to get a good ball park answer, we would also need to discuss the strength of the offer / short sale request.
Give me a call anytime at 702-370-3521 or e-mail me at firstname.lastname@example.org so we could talk about your situation in more detail.