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 â€“ after negotiating an agreement for the sale â€“ are at the mercy of the short sale lender. The transaction cannot be closed without the short sale lenderâ€™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 â€“ 45 days or so. There may be additional complications and delays before the approval is issued by the short sale lender.