We are buyers who have an offer in on a short sale. The offer has been accepted by the seller (there were multiple offers and ours was the only one signed and sent to the bank). We have just found out that the bank have approved the deal (there were 2 loans and the banks had to discuss dollars for the 2nd loan), but now, as of Tuesday this week, it has been sent to the PMI company for approval. Does anybody know how long this part of the process typically takes and/or how long it could (average and/or max)?
With only 7 weeks left on the first time homebuyer credit we are really worried about getting the transaction complete by November 30th if the process takes too much longer. Thanks