Daniel Manzano
Many of us Real Estate industry professionals know that a Short Sale transaction can take months for it to be approved and closed. Nevertheless, we have had Short Sale approvals in less than 10 days. But, the reality is that Short Sales usually take three to four times as much as a regular sale to finally get to the closing.
From the time the Realtor actually gets the property under contract to the time the Lender approves, it could take anywhere from 30 days to 6 months, depending on how fast the Borrower provides critical information for Lender and Investor approval. Even then, you still have one more variable to account for which is the Buyer waiting for all this time to get the contract approved by the Lender. For this, setting the expectations is a key factor in any short-sale transaction. Continue reading “Why do Short Sales Take so Long to Close?“
