ShareThisSome Short Sales Can Take 60-120 Days To Be Approved And Settled!
A lot of buyers are really getting frustrated with how long it takes to get approved and settled on a property listed as a “short sale.” Before I show a client a property that says “short sale” I call the listing agent to see if the property has already been approved for a short sale. If not, I explain to my client that the process can take between 60-120 days to finalize. Some buyers can not wait that long because of their lease obligation. If the property does not say “short sale approved” do not assume it is. I have heard of properties being denied approval for a short sale and the buyers waited months to find out they could not buy the house they wanted. Ask questions before you look at the property. For those who is not familiar with the term “short sale” below is what I posted on a previous blog.
 For homeowners who can no longer afford to keep mortgage payments current ( because of either a job loss, divorce, or an option ARM that’s resetting higher) their are alternatives to bankruptcy or foreclosure proceedings. One of the options is called a “short sale.†A short sale in real estate means the lender is accepting less than the total amount due. Not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose. Also, not all sellers or all properties qualify for short sales. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accept it.
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