Cash only effects the time in which the BUYER can close.
Shaving a week or two off of the duration of a short sale adds NO tangible value.
In a short sale, time is never a element to consider. It will take as long as it takes and not a moment sooner.
Now, be aware, every bank has a different process.
For those local, portfolio lenders who have approved a short sale, cash may make a small difference.
The Mortgage and other lien holder(s) are being asked to take a partial payment, and forgive the rest of the debt owed by the seller on the house being sold. The mortgage companies are in no hurry to let the home seller walk away from their debt. They will ask for a lot of proof that the homeseller has a good reason and really cannot pay, and that the house can't be sold for enough to pay off the mortgage, etc.
They do not even start to work on making that decision until after the homeowner brings a buyer contract and fills out the paperwork to start the short sale process.
If there is more than one loan or lien holder, each one has to agree on what they will get and what losses they will take,
Did you waive the inspection have solid deposit in escrow showing you can close quickly?
I have offers being considered 16% higher than approved value(higher than highest sold recently), 96 hour COE on purchase contract.
That took 2 more months. Since it was higher than others the lender finally gave the OK, 72 hour COE.
I know boa will not make a decision and will counter back several times each time higher.
Licensed Mortgage Loan Officer
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