There are multiple factors that can prolong a short sale transaction.
Recently we closed on a property in NW Indiana that was subject to lenders approval of a short sale(Schererville,IN 46375) AND also subject to Bankruptcy court approval of the sale of the property.
To date, this is our longest short sale ever = 3 months and 13 days from accepted offer to closing.
Lender approval time was double what Indiana law HB 1359 allows (requires an answer in 30 days).
Seems that laws passed to help expedite short sales have little or no effect on the lenders and that they take even longer nowadays than before in the approval process!
Perseverence on the part of the listing agent and patience on the part of the buyers, cooperation on the part of the sellers are some of the key ingredients to make a short sale close.
If we can help you sell your NWI property - give us a call @ 219-405-1232.