How Long Do Short Sales Take ?
The short sale is one of the fastest methods through which you can sell a property. However, a short sale comes into effect only after the lender gives his approval for the sale. The approval is the biggest factor which decides the time line for the short sale.
Typically, a lender should only be happy to approve with a defaulting customer.
However, if you are not one of the defaulting customers and have other reasons for a short sale, then the lender may take some time to process the papers. Lenders always find it difficult to account for the loss incurred when borrowers default on the payments. So they more often than not approve a short sale easily. A short sale gets affected only when the approval takes place. It is very difficult to accurately guess the time it will take to get an approval for a short sale. Many experts believe the maximum time period is 21 days.
However, a short sale can take up to year, and some times longer. So, both buyer and seller have to patient.
Once the details for the short sale have been provided, the lender would take 3 weeks as a minimum time period to process the papers. A short sale is a very quick process, but it could take a lot of time when there are bottlenecks faced in the process. The home owner has to get all the details and documents that have to be filed at the bank. The list has to be prepared so that the home can be listed for a short sale. After that, the house is put on the market and then the real estate agent starts marketing the house. When they get an offer, it is presented to the bank for approval.
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