Short Sales and Your Timeline
Short Sale transactions have come a long way, but they are still more time consuming than a standard real estate transaction. A short sale contract may be agreed upon by the buyer and the seller, however it is the lender‘s approval or disapproval that takes time. There is really no way to guarantee how long it will take to get final approval from the lender. There could be more than one lender involved and this only adds to the timeline.
In a best case scenario I would be prepared for no less than 60-days for a short sale closing. Unfortunately, I wouldn’t be surprised if it was closer to 90-120 days. The best way to protect yourself is to have your agent contact the listing agent and determine where the seller is in the process as well as who the lender is and if there are more than one lender involved. This information will help to determine the amount of time you might be looking to invest.
Sometimes, a previous buyer as become tired of waiting and moved on while the short sale approval process is still going on. This would result in a short sale approval without a buyer – if you happen to be at the right place at the right time, this could result in a quick closing of a short sale.