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Trulia Atlan…, Home Buyer in Atlanta, GA

Why are short sales more of a waiting game than a normal home purchase?

Asked by Trulia Atlanta, Atlanta, GA Wed Feb 20, 2013

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De Vonte Williamson’s answer
Short Sales are usually longer than a normal home purchase, for a number of reasons, but here in New York, if done correctly, a Short Sale can be listed and sold within six to eight months. It takes longer because for the mortgage lender, it is all about the numbers. The loss mitigation department deals with crunching the numbers. Additionally, the lender usually needs endless financial documents and statements from the homeowner.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
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0 votes Thank Flag Link Thu Feb 21, 2013
In a normal sale, the buyer and seller negotiate agreement on a contract, open escrow and process to the close in about 30-45 days. There is no waiting to speak of.

In a short sale, both buyer and seller – after negotiating an agreement for the sale – are at the mercy of the short sale lender. The transaction cannot be closed without the short sale lender’s approval. The process of getting that approval is time consuming. The short sale lender demands extensive financial information from the sellers, evaluates that information, appraises the house to determine if the offer is in line with the value of the house, refers the file to the actual owner of the note (investor) and, if everything falls into place, issues an approval. Then the escrow process starts and the transaction closes in another 30 – 45 days or so. There may be additional complications and delays before the approval is issued by the short sale lender.
2 votes Thank Flag Link Wed Feb 20, 2013
Do we really need to plant questions?
0 votes Thank Flag Link Sun Feb 24, 2013
This question is silly - send some real leads please.
0 votes Thank Flag Link Wed Feb 20, 2013
because the lender if taking a shortage on what the seller actually owes it has to go through a chain of commands and investors to get the sales price approved (shortage)
0 votes Thank Flag Link Wed Feb 20, 2013
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