Some banks such as Countrywide, for example, move files through a minimum of two phases. During the first phase, the wait is at least 30 business days. If the Phase 1 negotiator does not look at the file or make notes in the file, you can ask for the file to be escalated on the 31st day. After a negotiator has been assigned, Phase 2 can take about 60 business days to process.
That's assuming that Countrywide hasn't lost the paperwork or decided by mistake to close the file. Fortunately, other banks are much faster and on the ball, or nobody would ever close a short sale . . . read more about Short Sale Approval.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.