Susan, the simple answer it depends on which bank i was working with. Countrywide is a nightmare. Wells not far behind. With other banks though, i have noticed they are moving along alot faster than they used, it takes that daily phone call each and every day to see how things are going and if they need anything to move things along though. It is important as the listing agent to make sure everything is submitted correctly and on tiime. I have been continuing to work with short sale sand have been satisfied that they have wroked out well for the sellers.
I know that his is an old post but I am responding basically as an update to the market in 2014. Short sales count for less than 5% of the inventory nowadays. Thank goodness that era is nearly over. Appreciation her ein California last year was nearly 30% in some areas. We are finally headed to a healthy real estate market.
WE all know short sales are frustrating for all involved including the agents, the buyer, the seller, title co, lender, etc. The only way I have survived 100+ short sales is by outsourcing the time consuming task (not rocket science) to a third party firm called Open to Close. They stay in touch with all parties on a weekly basis, and they allow me to close deals and leverage my time with a 97% closing ratio. That's my two cents! :)
it depends which bank and also how you structure the package adn the follow up, there are some agents that give the file to the closing agent and the closing agent is dealing with 30 files so she probably doesnt follow uo very often, so that is also a delay, but the bank that I heard and dealt that is the slowest one is Bank of America but the switch systems to Equator and it supposed be better.
It seems that short sales can, will and certainly do close. I'm working on closing 2 short sales now, and we are at the last leg of the journey. It certainly has taken time ..... But we are finalizing everything! Time, patience, good record keeping and supporting documents. Things are working out.