How long after a short sale agent is assigned is the average time to closing (if offer is accepted)?

Asked by , 55109 Mon Aug 25, 2008

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Kevin Bergst…, Agent, Elk River, MN
Wed Sep 30, 2009
I'm guessing you mean that the bank has assigned a short sale negotiator to the transaction. Though this is a step in the right direction, it is very difficult to say how much time is left to wait out. My most recent short sale transaction was still several weeks out from bank approval after the short sale negotiator was assigned...sorry...tough to say!
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Scott Hutchi…, Agent, Lakeville, MN
Wed Oct 1, 2008
Averages....once it has been assigned, the BPO will generally be ordered (BPO takes 7-10 business days), and once the BPO has been reviewed, approval will take 1-3 weeks (assuming that the loss mitigation specialist has all pertainant documents-prelim Hud, lender's packet, and so on).

I hope this helps
Short-Sales / Reo specialist
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The Wilder G…, Agent, Oakland, CA
Mon Aug 25, 2008
Hi Candy,

I'm not sure that I understand your question because I don't know what you mean by "assigned." However, the time that it takes from when an offer is submitted to the seller's lender and the lender returns with a decision can vary significantly. In my experience, it can take anywhere from one to five months from when the lender first receives an offer.

There are many factors that cause this delay. First, if the seller's agent isn't experienced in short sales, they may not know the procedure for getting the process started with the bank. Also, if the agent isn't in constant contact with the lender, that can slow things significantly. In addition, if the lender is overwhelmed or unorganized, that can cause a big delay. Finally, there are many other forces such as investors, second lenders, etc that can work silently behind the scenes to cause big delays.

After all of this delay, the lender may decide to foreclose if they don't get an offer that they find to be acceptable.
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