How Long Does it Take to Buy a Short Sale House?
How long should it take to buy or sell a short sale house? Well, the short answer is, “it depends on the bank”. With so many people anxious to get on with their lives during this type of transaction it is clear that short sales of houses can take a lot of time. Bank of America, one of America’s largest mortgage lenders, has a 4 Phase process that can explain what goes on behind closed doors at most banks and explains why it can take anywhere from one month to 6 months for a short sale to occur. In Phase 1, once they have received the complete short sale package it will be digitally recorded and be assigned to a department for review. This can take anywhere from 24 hours to 12 days as long as it was actually received at the right department. Phase 2 begins with a negotiator who is assigned to review the package for completeness and to order a Broker Price Opinion (BPO). The BPO is similar to an appraisal and is used for the bank to determine the potential market value of the short sale
