Posted on 09-20-2017 by Nikki Malek
The first question you hear out of the mouths of buyers looking at short sale properties is why do short sales take so long? A short sale happens when the loan amount on the home or property is higher than the sale price and the seller is asking th... Read more
The first question you hear out of the mouths of buyers looking at short sale properties is "why do short sales take so long?" A short sale happens when the loan amount on the home or property is higher than the sale price and the seller is asking the bank to take less than the amount owed. Therefore, a lot of things have to happen to make sure all parties are in agreement throughout the process. Here's a look at why they take so long:
bank has the package and the negotiator on the phone, you 're almost done. BUT, WAIT! Anything could happen! What if the negotiator counters the offer or asks the seller to kick in some money or asks for the commission to be lowered. ANY of these things could kill the deal. This is also one of the reason's it's not always smart to accept a low offer and assume the bank will approve it.
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