Zillow Advice: Buying Process - How long does the final review of a short sale offer take? http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ Zillow Advice | Zillow Real Estate User34563050,This is a serious ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ User34563050,<br/>This is a serious question and the answer might border on legal advice, so it should come from an attorney in your state. Perhaps your daughter's attorney when she declared BK. <br/>Since you co-signed, you might wish to contact your own attorney for advice. <br/>Best wishes, Jim Sat, 24 Aug 2013 13:32:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-08-24T13:32:00Z Our daughter filed bankruptcy ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ <p>Our daughter filed bankruptcy on a home we cosigned for her, she stayed in the home and continued to pay the mtg for a good 5 years after she filed, she can no longer do the payment, what is our reprocussions with chase on a short sale, and does our daughter need to file for a short sale since her name is on the deed or how does this work?</p> Fri, 23 Aug 2013 21:36:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-08-23T21:36:00Z It really depends on the ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ It really depends on the bank you deal with, whether there is a first and/or second loan and how back logged they are. Short sales are definitely worth waiting for. If your client submitted an offer 4 months ago, the home is worth about 5-10% more today. Fri, 02 Aug 2013 23:44:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-08-02T23:44:00Z That you got an initial response ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ That you got an initial response to your short sale offer&nbsp;within the first four months may count as a major miracle. <br/><br/>I've worked with short sales that have taken more than 18 months. However, I've also worked on short sales that were completed within 60 days, start to finish.<br/><br/>Much depends upon the bank and the rapidity of the seller's return of the required paperwork. Also, the willingness of the original investor to go along with your deal is an overriding factor.<br/><br/>Based on what you've related, you could be two - four weeks from closing.&nbsp; On the other hand, you could be sitting for a few more&nbsp;months.<br/><br/>Agents I know of have worked with what was termed "an approved short sale." That means the bank&nbsp; had allegedly approved the price based on a previous deal that had fallen through.<br/><br/>The customer willingly submitted their bid at this new, higher, but "approved price,"&nbsp; Six months later, the bank had not yet responded.<br/><br/>So the answer to your question about short sale completion&nbsp;is that you never really know how close you are until you get the call from the bank saying you're approved. Short sales have a 66% failure rate. But if you're patient, which it appears you have been, you may get the home.<br/><br/>By the way, before you get disgusted and walk away, think about this question:&nbsp; is the price the bank is asking reasonable, based on the market price of a similar home?<br/><br/>If the answer is yes, wait for the house. After all, you're probably passed up half a dozen worthwhile homes during the wait. If the answer is no, then get out while you can and buy a home before prices go up again.<br/> Fri, 02 Aug 2013 22:55:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-08-02T22:55:00Z The word forever comes to ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ The word forever comes to mind... Fri, 02 Aug 2013 22:25:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-08-02T22:25:00Z thanks Miekeba, for adding ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ thanks Miekeba, for adding such insight and depth to an old thread. Brilliant.<br/>Jim Fri, 22 Mar 2013 13:04:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-03-22T13:04:00Z You never can tell with a ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ You never can tell with a short sale how long the process will be. Fri, 22 Mar 2013 01:31:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-03-22T01:31:00Z I am in the same situation. ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ I am in the same situation. We made an offer August 8th and have been told at least twice a week for the last few weeks that we are very close. I would be interested to know which bank your short sale is through. I hope things go well for you and you can get your home soon. Fri, 01 Mar 2013 06:20:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-03-01T06:20:00Z Most of the short sale process ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ Most of the short sale process can take from 2 to 9 months.&nbsp; It really depend on how fast the seller provide all his paperwork and how efficient the negotiator of the bank or financial institution that holds the property's mortgage can approved the short sale.&nbsp; It look like your transaction is almost over.&nbsp; Just be patient.<br/>Best of Luck,<br/><br/>Maria Cipollone Fri, 15 Feb 2013 12:02:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-02-15T12:02:00Z If the offer falls within ... http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ If the offer falls within the range the bank&nbsp;is looking for,&nbsp;it will most likely have to be approved&nbsp;by the bank u/w or investor before they will give a&nbsp;final approval.&nbsp;&nbsp;These processes&nbsp;can&nbsp;take a week or two under normal circumstances.&nbsp;&nbsp;<br/>&nbsp;<br/>If it doesn't you could be facing another counter which will extend your waiting period.&nbsp; You should note that banks usually will not accept less than fair market value for their properties.&nbsp; Condition is taking into consideration.<br/><br/>You may want to have you agent provide you comparables to assure your offer is in the ballpark.&nbsp; If the market increases and a new appraisal is ordered prior to the final approval, their price will likely increase.<br/><br/>Best Wishes<br/><br/> Fri, 15 Feb 2013 01:08:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-02-15T01:08:00Z