what is the average length to receive approval for a short sale?

Asked by Audra Dewitt, Oakland, CA Sun Jun 17, 2012

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Kamal Randha…, Agent, El Sobrante, CA
Mon Jun 18, 2012
hello,

I have worked on several short sales, and the time always differs depending on the bank and seller response. I find that if your loan is with a credit union, it can close as fast a regular sale, but if its with major banks..it may take up to 6 months. Chase is notorious for being very very slow in these types of transactions.

If you like, I would be happy to discuss your particular situation with you at no cost. I also provide free loan modification assistance as well if that is an option you would like to explore.

Kamal
510 932 1066
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Phil Rotondo, Agent, Melbourne, FL
Mon Jun 18, 2012
Audra;
On average 2 to 6 months.
It usually takes longer if you are on a deadline.
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sun Jun 17, 2012
No such thing as average length to receive approval for a short sale.

It all depends on:
1. Who is the lender -- some loans, such as those from Wachovia, are processed fairly quickly
2. Is there more than one lender
3. How much is still owed
4. What stage of pre-foreclosure --- no trustee sale yet, right?
5. Is offer close to market value
6. Is listing agent knowledgeable and experienced about short sale
7. Is the short sale package submitted to the short sale lenders complete
8. Does your offer match or comes close to the BPO (Broker's Price Opinion performed by the short sale lender's selected representative/agent to evaluate the market value of property and compare it to the offer

We all hope for 45 days or sooner from the time the offer is accepted by the seller...but more realistic would be 60-90 days.

And there's NO guarantee the short sale will be approved either.
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