How long do it take for a short sale to close once approve?

Answer 1

Depends on your lender - could be anywhere from 2 -6 months.

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Answer 2

Approved by whom?
The SELLER or the LENDER?

Being approved by the seller means squat..they don't stand to make anything on the sale, so it's pretty easy to get them to say yes to an offer..the lender is another story. They usually will sit on offers and wait for the best one to cross their desk before they make a decision IF they even do that. A lot of short sales turn into foreclosures because the bank or lender will not approve of any offers being written.

A short sale after the seller says yes can take up to 6 mos to complete. They are not quick and painless transactions. I hope you have a comfy chair to sit in and a lot of patience.

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