how long does it take to get a decision from the bank on a short sale house

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(0) | asked by: Ashley Bellardo | share | 3 months ago | Report

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answer by Carmen Di Biase | Visit My Website | Contact Me
answered questions: 8

As the others have said, it truly depends on the bank or the asset management company. If you want to pursue short sales, you might want to narrow your search down to approved or cooperative short sales where the bank has agreed upon a selling price and will move quickly on the decision. More and more banks are going this route rather than foreclose.

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2 months ago | Report | share Share on Facebook Share on Twitter

answer by Joan Dixon | Visit My Website | Contact Me
answered questions: 36

This si a tough question to generalize. The last one I did took over a week and then I've had them take one day when the person handling the transaction had the authority to make the decision. Truly depends on the lender and their practices

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3 months ago | Report | share Share on Facebook Share on Twitter

answer by Don Mituzas | Visit My Website | Contact Me
answered questions: 14

My average in dealing with short sales has been 2 to 3 months. I did have one bank that responded in 2 days and closed 30 days later, but that was due to the fact there was only one mortgage and it was held in house by a local bank. I've also heard from another agent of it taking well over 6 months. If you need to move, a short sale is NOT the way to go. If you're looking for a deal and can do the work you would more often be better off with a foreclosure.

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answer by Key Real Estate of Western New York, LLC David Garofalo | Contact Me
answered questions: 1

Well, they have gotten better. Nonetheless, it can take anywhere from a week to a month, anywhere in between and anywhere outside that. If you have an agent that has worked with the particular bank involved, they should be able to hazard a guess. It is still a guess. Make a solid offer with firm dates. If they don't respond in time move on.

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3 months ago | Report | share Share on Facebook Share on Twitter