How long would it take to get approved for a mortgage?

We saw a house a month ago, loved it, made an offer and they accepted. Heres where it gets complicated. We find out that it's a short sale. Then when they fax over the contract to our lawyer its worded as if its a foreclosure. Basicly once we signed if we don't close by Jan 15 we loose our deposit. So our lawyer recommed that we not sign and get the house inspected(done) apprasied(done) to make matters worse the seller had no title(done) or co (waiting on the co for the florida room) We have been pre-approved already. Is there any hope that we can get this done before Jan 15? Oh how long would it take to get title insurance? Thanks.

Try to get wording added to the paper work stating it is contingent upon an acceptable home inspection and also contingent upon you being able to obtain reasonable fiancing. And make sure it is contingent upon a clear title.
Title insurance can be put together within a week easily.

The worse parts in short sales are getting the sellers lender to approve the short sale. If they have it approved, then all you need is your financing ready to go and closing by the 15th of january should be no problem.

I am a realtor and specialize in foreclosures and shortsales in Wisconsin.

you can close a house in a week if everybody does their job. usually closings take a month from date of contract. i've done many in 2 weeks. but be wary of the seller that tries to pressure you into a contract. get the inspections done, and allow time for the title company to find any clouds on title. you don't want to inherit any liens on a property you just bought.

Mortgage applications are at their lowest point in the last year. It is usually slower in the holiday season. I see no reason the loan can't be closed by your time frame. Your attorney know's the best way to deal with the siuation. Loans that used to take two month's should now go together in just a couple of weeks.

You can absolutely close by the 15th!! People in my company have been doing 2 week closings all through December.

Title insurance can be issued literally overnight if the title company cooperates fully.

Yes, go to http://www.mortgagelenders.us.com and fill out the short form. They will find a lender that can get this done quicker for you.