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How long does a short sale take? Depends on these 11 variables
I’m often asked by clients and by other Realtors “How long does a short sale take?” I would like to give a concise answer, but alas, there isn’t a reliable one. The concise answer is too broad; “3 weeks to 3 years, depending on variables.” (1) Who’s backing the loan? FHA, VA, FNMA, Freddie Mac? They all have their different timelines and flaming hoops to jump through. Those flaming hoops eat up calendar time. (2) Does the lender we’re negotiating with own the loan? Does the lender own the loan or are they servicing it for someone else, like a pension fund or a foreign bank? If they’re servicing the loan, the servicer can run you through the ringer for months. Only when it passes their test do they forward the package to the investor, i.e. the actual owner of the loan. The investor has the power and authority to reject the short sale or counter offer with unfulfillable demands. (3) Is there one loan or two? This is a major time consumer, both on the calendar time and demand of the Realtor’s workload negotiating the short sale. The first mortgage company controls how much the second mortgage gets, the second ... more
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