Currently there are no laws that require a turnaround from a short sale. (In a dream world, this would be great). I have had banks make decisions, and then say that a higher authority at the bank will have to approve the decision. Seems like the banks have it all figured out (JK).
There are no laws currently in effect that require a 30 day turnaround. Although sometimes a short sale can go through within a month, in most cases it will be more like six months. At least that is what I see from my experience. Keep in mind that regular non-short sale closings take 2.5 to 3 months as well. If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Average time does vary, much will depend on the number of liens involved, who is negotiating the sale on behalf of the owner, was/is the seller providing the required paperwork in a timely fashion, etc.; therefore your agent, and or attorney can better advise as it relates to the specific situation....