why do short sales take so long
It seems that the most common complaint today with short sales, is why does the bank take so long? This question is heard over and over and both sellers and buyers are anxiously asking it. Itвs the million-dollar question. But thereвs not one firm answer. Some short sales take 60 days. Some take 30. Some can turn around in 24 hours. Other lenders are so swamped with short sale submissions that its employees can't respond in timely manner. What once took two months can easily take four months. It really depends on the lender and what system they have in place to respond to short sales. To understand, the short sale process, from submission to the lender to the time of short sale approval, might go as follows:
Submission of offer and complete short sale package from the seller. Bank acknowledges receipt -- 10 to 30 days.
Bank orders a BPO or appraisal -- 30 to 60 days. File is reviewed -- 30 to 60 days. Negotiator is assigned -- 30 to 60 days. Level II negotiator may be assigned -- 30 to 90 days. File is approved or rejected -- 30 to 120 days. If rejection or approval takes longer than 120 days, it's possible that a piece of the cog is not working. Perhaps the listing agent isnвt staying on top of calling the bank. Calling the bank can often mean waiting on hold anywhere from 10 minutes to an hour or longer. Or, a lengthy short sale period can also mean the bank has internal problems, not enough staff or has lost the file a few times, causing the listing agent to have to resend the package over and over. It can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser.
Unfortunately, you can't always avoid problems on a short sale. Patience is key в along with an experienced realtor and attorney. Threatening to walk away isnвt going to make an impact on the bank. If you truly want the home, stick it out. So, if this is something you, as a seller or buyer, are getting involved in в make sure youвre working with both a realtor and attorney who understand the short sale process. It will make a world of difference to have people who understand the process guiding you through it. 3. 4K Discussions 2. 8K Discussions 3. 8K Discussions 3. 5K Posts 6. 3K Posts 4. 8K Discussions 5. 7K Posts 3. 6K Posts 3. 2K Discussions Real Estate Guru, Book Course Reviews and Discussions 2. 7K Discussions 2. 5K Discussions 5. 9K Discussions 1. 5K Discussions 1. 9K Discussions 4. 5K Discussions 2. 1K Discussions 2. 0K Discussions HUD, VA, and Tax Sales 9. 3K Posts 1. 3K Discussions Rent to Own a. k. a.
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