How Long Will it be Before My Short Sale Offer is Approved?

Every short sale is different and depends on the lender and listing agent.  It is important to be patient when sending a short sale offer, as short sale approvals can take up to several months at a time.

What you can do to help speed up the process is to qualify the short sale.  First, examine the comparable sales.  What that means is to look at the comparable sales in the area and with your agent, make an educated offer that is reasonable and close to the comparable sales in the area.

Next, find out how many short sale offers have been submitted.  The offer prices may not be disclosed but in most areas, but agents can release the amount of offers that have been received—this will also help you and your agent figure out the best offer price for approval.

Another way to qualify the sale is to find out if the seller’s sale package is complete.  Usually if the file is missing paperwork and incomplete, the bank will either prolong the approval and send it to the bottom of the pile.

Once again, short sales approvals are essentially on their own schedule and will be approved when the bank says so.  They key is to be patient, especially if this is the house you truly love and want.

The information in this blog was gathered from Elizabeth Weintraub, About.com guide.

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