We see and hear it all the time..."I'm not interested in looking at short sales...those things take forever to close"! But like all things in real estate, you can't really believe everything that you hear.
Case in point...I have a short sale listing that we received short sale approval on within 5 days of submitting the package to the lender. Great news for everyone, the buyers and lenders were very excited for the news and excited to close escrow, per the terms of the contract within 45 days. We are now on day 98, with no loan documents in escrow. What everyone anticipated to be a short, painless close of escrow (because getting short sale approval is supposed to be the difficult part), has gone on and on. Why? Because of conditions from the lender and waiting for a 4506 form from the IRS. This buyer is putting in excess of 30% down and has excellent credit (based on information from the buyers agent and lender).
This is not the only short sale held up by the buyers loan...I have another that we are now in excess of 60 days beyond our contractual date, which received a short sale approval in 10 days.
So moral of the story...besides, don't believe everything you hear...is it is not always the short sale that causes the delay. Especially with our current lending environment and the conditions and requirement imposed by the lenders.
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