I just got an approval on a chase short sale within 12 days. It may take longer depending on:
1) Who the bank is
2) If the loan is investor owned or not
3) If the agent who took the listing knows how to complete a short sale package (A CDPE designated agent is recommended)
I work mainly with short sale listings and have had listings take 10-360 days to get approval. Now, the 360 day number was at the beginning of this short sale crisis when BofA took over all the files from countrywide and they didn't have equator set up.
Now I am looking at 30-120 days for short sale approval depending on the bank.
Hope this helps!
Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor
"The Best Way To Predict Your Future Is To Create It"
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