Home Buying in Three Forks>Question Details

Matthew Brus…, Renter in Bozeman, MT

Why is it short sales can take so long to close on. You would think the lenders want to get rid of them and get their money?

Asked by Matthew Brusch, Bozeman, MT Mon Jul 9, 2012

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Kelley Halle’s answer
One would think so. And some lenders are great to work with and can effectuate a sale very quickly. If a listing agent on a short sale is doing his or her job, lenders are contacted and the wheels put in motion even before the property is listed, which helps with the time issues. A huge factor that can also make a short sale take longer is if there is a second mortgage on the property, in which case the second lender also needs to approve the sale. And if there is mortgage insurance on the loan, the insurance provider wants its piece of the pie as well, causing even further delays! A seasoned agent can help you through the process, and hopefully make it a little less painful!
0 votes Thank Flag Link Mon Jul 9, 2012
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