Why do Short Sales Take so Long to Close? Palm Beach County, FL
By Stephen P. Panczak, Ph.D., Real Estate Agent & Business Coach, (561) 254-8098
(Keller Williams Coastal Partners)
Why do Short Sales Take so Long to Close? Why do Short Sales Take so Long to Close? Palm Beach County, FL Real estate professionals know that a Short Sale transaction can take many months for it to be approved by lenders and closed. Even with this time-line, you still have one more variable to account for which is the buyer waiting for the contract to be approved by the lender. For this, setting the expectations is a key factor in any Short Sales transaction. Buyer Expectations: Buyers who make an offer on a short sale property need to know that lenders have to "reverse underwrite" this type of transaction and make sure that they are allowing the sale to happen close to market value. During the process, the Lender will determine the Seller's "un-affordability" and base the sale on the...
Comments
2