Profile picture for user4645480

how long does it take for a bank to accept an offer for an APPROVED short sale?

  • September 22 2013 - US
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Answers (3)

Profile picture for Ofe Polack
You need to discuss this with your buyer agent, we do not know that much about your transaction, your lender, the short sale lender, how many liens there are,  etc...
  • September 23 2013
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Everyone in a real estate transaction works as if "time is of the essence" - Except the bank.  They are on their own planet.

In a short sale the seller has to approve your offer and then it goes to the bank.  If the short sale process has already been approved - it might shorten the process.

Remember you are dealing with people ( the bank) who have secure jobs and get a pay check every week.  They have no incentive to hurry.  The file could sit on their desk a week before they look at it.

If it has already been approved as a short sale I would estimate you should hear something in 7 days.  The bank does not have to accept - like any other seller they can counter.
  • September 23 2013
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Profile picture for RonHaibi

Approved short sale can mean a lot of things or it can mean nothing.
Did the lender initiate the short sale?
Was there a short sale approval letter issued and executed? Did it expire?

A short sale is usually approved for a specific buyer with specific terms for a specific purchase price. Need to get more info.

  • September 22 2013
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