Hard to say, there is really no way to predict, but based on my experience you can expect a minimum of 120 days. The quickest short sale transaction I have been involved in closed in 60 days, and the longest 215 days...both from the same bank. I have heard the horror stories of short sales that have taken over a year to close! I think days are go though since the banks have done a good job in streamlining the process. Below are a couple things that I have learned and hopefully will be of help to you.
A bit of advise...make sure that you find out if the currently homeowner has paid the HOA dues current! The banks generally will not pay more than the equivalent of 12 months dues. Once the dues become delinquent, the association will usually seek the help of the attorney and a $325 past due balance can quickly grown to over $5,000 or more and the bank won't likely pay it, and the homeowner usually can't because they have a financial hardship. Always ask the question if the association dues are paid current.
Two other items to be aware of, at least in the area I sell homes, the buyers are being required to turn the utilities on for inspections. This should be disclosed to you, but I have found that many times the listing Realtor is not disclosing this. This will require YOU to put up the deposits and pay the expense of turning the utilities on. Once last item, make sure you ask if there are any outstanding assessments that have not been paid that the seller may be unable to pay, like a road pavement assessment or special assessment.
Fred Strickroot, RealtorÂ®, MBA, CDPE
Florida Lic. Real Estate Brokerage
2154 Seven Springs Blvd, Suite 103
Trinity, FL 34655