Don't put all of your eggs in one basket. I recently had a client bail out on a short sale after waiting 7 months for the bank to respond.
I hope this is not the case for you!
If your client/customer is not willing or does not have the time to wait for 30 to 60 days to get an approval from the lien holder, short sales properties is not a journey you want to experience with them.
It also depends on the number of Mortgages, IRS Liens & Other Liens on the property. Mitigators are having to present the offer and negotiate with ALL parties involved and that could be a lengthy process.
I hope this helps to understand why it take so long to get and answer from the lien holder.
Anthony Acosta, Jr.
Harry Norman Realtors
866-515-1966 Toll Free Cell
They do like for the buyer to be prepared to close quickly.
Do you have your financing in place? Banks look closely at your financing weather it be FHA , VA or conventional.
I am a loan officer and rates have dropped below 5.00%.Let me know if I can help.
I have personally seen some lenders accept an offer in as little as 48 hours in and REO situation. On the other hand I have seen some take up to 3 months especially when dealing with some of the asset management companies.
Your agent if you have one will really be able to help you, if he or she knows what they are doing. If you don't have an agent and are looking for someone that has experience dealing with these types of transaction give me a call. I would be happy to help.
Now - if you're dealing with a short sale (which still requires bank approval/signatures) you're in for a whole different ballgame...See this article I wrote for more information regarding Short Sales... http://springhillrealestate.featuredblog.com/?p=11
Hope this was helpful!