On average, most short sales take about five or six months, but each unique situation can move much faster or even much slower. We’ve seen short sales approved in one week, and others have taken two years.
While it’s difficult to know exactly how long a short sale can take, we’ve prepared a general timeline of the process as a guide:
- List the home and find a buyer: 30 days
- Complete your financial package with the lender: 30 days
- Negotiate and receive an approval letter: 30-60 days
- Closing process: 30-60 days
Keep in mind, there are several factors that can affect the timeline of a short sale, including:
- Your mortgage lender’s process
- The investor’s timeline
- The liens and mortgages involved
- The seller’s ability to complete their financial package
- The type of loan
- The offer price
Remember, the short sale process takes time because you’re asking your lender to forgive a large amount of debt and release you from your original contractual obligation. Your lender is going to take the time necessary to make sure this is the best decision for them.
At Ark Law Group, we’re here to discuss your individual situation. Contact us today to learn more about the short sale process and how we can help you.