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They're usually hidden in the bank's website. Most do have a time line of some sort, and they're all pretty standard. Ideally a short sale can take place in 3 months. But realistically is another story. You cannot hold them to their time line.
On Chase's timeline, it said that if it takes long, it means your offer is either too low, or the 2nd lien is holding the process up.
We recently received an approval letter for a short sale from B of A, it took about 3 months, no 2nd lien though. A friend just bought a short sale from a credit union (SAFE I believe) and it took much less time. Last year we had friends who waited 6 months and short sale fell through (not sure who the bank was). Hope this helps, be prepared to wait in any case.
bubblesitter
2010 Sep 21, 7:27am
We recently received an approval letter for a short sale from B of A, it took about 3 months, no 2nd lien though. A friend just bought a short sale from a credit union (SAFE I believe) and it took much less time. Last year we had friends who waited 6 months and short sale fell through (not sure who the bank was). Hope this helps, be prepared to wait in any case.
Nice. What was your offer compared to the asking price?
I googled but did not find any data about short sale time line by lender. Is it fixed by lender? Is there a pattern for e.g. BOA takes from 90 to 120 days? Wachovia take from 30 to 60 day? or is it like wide open for all lenders from 45 days to no reply and let it to go into foreclosure? What I am looking some numbers/stats to see which short sales to consider and which one to avoid. Thanks in advance for your comments.
#housing