Short sales, generally take a very long time (compared to buying a bank-owned foreclosure or a traditional sale). Of course, the market is always changing, but currently you should plan on waiting about two months before you get a response from the bank. Of course, this is much different than a traditional sale (where you might wait 1-3 days to get a response back from the seller). The response can be a rejection, acceptance, or a counter-offer, so waiting 2+ months to get a rejection or counter-offer can be very frustrating for a home buyer. Once you get the first response, it can take much longer to actually close the transaction. I helped one client in which the process took seven months (most of which was spent wondering what was going to happen). Other clients of mine have had shorter experiences purchasing short sales. Some of my clients don't want to deal with short sales at all. It depends on the person. My approach as your advisor is to give you the information and let you make the decisions. If you are buying a short sale, save yourself some valuable time and frustration by hiring an exclusive buyer agent to represent your own best interests.
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.