how long does it take for a approved short sale to close?

Asked by margaret1971, 29405 Thu Jun 14, 2012

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5
Brian F. Wal…, Agent, Charleston, SC
Thu Jun 14, 2012
Hello Margaret,

Short sale approvals rarely take 3-6 months anymore if the listing agent and/or short sale processor is experienced and knows how to submit the paperwork properly.

It will depend on the bank, investor, age of previous approval and appraisal on file, on a variety of other components but it is definitely possible to get an approval re-issued in just a few weeks.

If the appraisal the bank has on file has expired and they order a new one, it could delay the process by another 1-3 weeks.

Make sure the agents are updating you on progress every 1-2 weeks and don't start to panic if it does take 30-60 days. The good news is that if it was approved once (and there haven't been any significant changes to the property, the market value, or the seller's finances) chances are good that it will be approved again.

Good luck!


Brian Walsh ABR® BPO
bwalsh@carolinaone.com
(843) 883-6971
9 votes
Kevin and Ju…, Agent, Wildomar, CA
Mon Jan 14, 2013
Really depends upon the definition of 'approved' in your scenario. If the lien holder has previously approved the short sale and/or price... it could be 30-90 days.

If approved means you have the actual short sale approval letter from the lien holder(s); the letter will tell you when they expect the closing to occur.
0 votes
Paul Huddles…, , Summerville, SC
Mon Jan 14, 2013
typically 60 days. depending on the bank
0 votes
James Gordon…, Agent, Hamilton, OH
Thu Jun 14, 2012
On an approved short sale about 60 days is my track record. If there is a second lein holder that can slow up the process. With this recent Federal settlement I am now seeing a reset on some of the pending transactions that I have and expect a 30 day delay.
0 votes
Jen Pfeffer, Agent, Charleston, SC
Thu Jun 14, 2012
Margaret,

Good question! It varies, as each short sale situation is unique. Usual time frames can range from 90-180 days, although I've closed a few in 60 days or less and I've had a few take over a year. Sometimes having a professional negotiator in the mix can help shorten the process. Ask your realtor to look into the specifics of the seller's lender's short sale timelines to get an idea of realistic expectations. I hope this helps! Good Luck!
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