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I put an offer on a short sale prop. how long does the bank have to respond to my offer?

hhas20
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hhas20

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I submitted an offer the sellers agent counter offered and I agreed to their counter offer so she has submitted to bank now how long will it take for bank to respond with a yes or no??

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August 24 - US

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DEBORAH CONTI, "ListingSpecialist"
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DEBORAH CONTI, "ListingSpecialist"

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I have various short sales that are currently pending and I have also done them in the past that have closed. Since a short sale is "Contingent upon bank approval", there is NO set time for the bank to approve. Although, in my experience a lot of the buyer's attorney's do change the purchase contract to a "Set" time, like 3 months or 4 months, to protect the buyer. My longest short sale took 6 months!

Once the bank gets the short sale paperwork, they have various processes that need to be done. The paperwork goes to different levels and Dept's before approval. For instance, the bank needs to send out their own appraiser and Realtor to get the numbers on the property. It is a longer process than the "Normal" sale. Good luck to you!