Seller provides a documented hardship. Submission of offer and complete short sale package from the seller.
9 checking in with the bank at least once or twice a week is imperative.
How long does a short sale take to get approved. Bank acknowledges receipt 10 to 30 days. Others can take 90 to 120 days on average. From that point to the time of short sale approval the average timeline is about 60 to 90 days.
It means 30 days to sell 60 days for approval 30 days to close escrow 4 months on average. File is reviewed 30 to 60 days. And when there are junior lien holders each one will typically have their own broker s price opinion bpo done at the property before they accept the offer.
Once an offer is received and signed i send it to the bank along with the seller s short sale package and a prepared hud. While banks sometimes accept a strategic short sale most short sales are approved based on the sellers financial hardship and on circumstances beyond the sellers control don t expect to walk away with an approved short sale and no contribution if you have assets and disposable income. What is normal for the waiting period depends on the bank.
For another finding a short sale buyer savvy enough to structure a deal your lender will accept can take some work. However when i dig for more information 99 of the time there is some legitimate reason the homeowners do need to sell which i would actually consider a hardship. Some banks get approvals in less than 30 days while other banks short sales can sometimes turn around in 24 hours.
Often the listing agent will fax in 100 pages and just wait. The listing agent should call the bank after submitting the short sale package especially if sent by fax. A top short sale agent can help to speed up the process a little by keeping informed of the offer s progress and holding the bank accountable.
The short sale process from submission to short sale approval is generally as follows. There are many hardships that result in approved short sales even those that don t sound. What you can do.
Bank orders a bpo or appraisal 30 to 60 days. Sometimes it will take a month to get a response from the bank informing the agent that things are missing. Just wanting out is not a reason that is likely to get you quaified for a short sale.
Some short sales get approval in two to eight weeks. Lastly your lender might unfortunately take several weeks to a couple months to. While a rare handful of lenders can accept short sale offers within a month or two acceptance can typically take four to six months or even longer.
On the opposite side of the spectrum are other lenders so swamped with short sale submissions their employees simply can t respond in a timely manner.