How long should a short sale approval take??

I put in an offer on a short sale back in August 2012.  Just recently I found out that Bank of America has approved my offer but it now has to go to the investor for approval, which is Fannie Mae.  At this point I am wondering how long it should take for Fannie Mae to get back to me?  Is it likely that they could come back and try to change the offer or not approve it?  I have been told that it is likely to hear from them within 15 which means I should have heard something by January 22....

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Permalink Reply by Short Sale Superstars LLC on February 6, 2013 at 7:33am

Anna,

      It's a possibility that the investor could decline the short sale or offer, but typically this is not the case unless there are unforeseen circumstances. Fannie Mae may take a few weeks to hear back from, but according to your time frame you likely should of heard back or will be hearing back shortly. Hopefully whoever is working your transaction is doign what they can to expedite or get to the bottom of what exactly is transpiring.

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Permalink Reply by Smitty on February 7, 2013 at 2:50am

I've seen verbals come in and then 2-3 weeks for the written approval.  I've also seen it turn around in 24 days.

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