No one can answer this and predict, with any degree of accuracy, how long your short sale, or in fact ANY short sale, will take. There are so many variables, not the least of which are:
1. How motivated is the seller? How quickly will they respond by getting the bank the documentation they require?
2. How well trained is the listing agent? Have they specialized in short sales? What is their closing ratio? Do they have a list of go-to escalators that they can call at the bank to move the file forward, people who know them by name and have a track record with them?
3. Who is actually handling the negotiations? The agent, or a third party negotiator? What is their closing ratio? What is their average timeline?
4. Has the appraisal or BPO been ordered? Is the short sale pre-approved?
5. How busy is the bank? Does the bank negotiator answer to a third party? Or can they make a direct decision?
6. One loan or two? Any other additional liens, such as HOA dues or tax liens?
As you can see, TOO MANY VARIABLES. Anecdotally, I had a Bank of America/ Bank of America short sale this year, submitted in February. The first TD approved on March 7. The second approved on August 15. Same bank, same transaction, different departments. The second lost the file 3 times and had to reassign and start over.
Hope this helps, and best of luck;
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.