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The truth about short sales is thatwhile everyone wants it expedited, the process invariably stretcheslonger than expected. A short sale may take anywhere from three tosix months and the closing of the property may take an additional 30to 60 days. For buyers, a short sale definitely takes longer thanbuying a regular non short sale house. This is because the lendermust first approve of selling the property at a price lesser than thebalance debt amount on the property. Most buyers, however, preferbuying a short sale property because these can be obtained at lessthan their original market value. Banks often take as long as twomonths to six months to respond to an offer, whether positive or witha counteroffer.FactorsDetermining the Pace of a Short Sale ProcessHere are some factors that decide thelength of a shortsale process:Cooperation: Mutual cooperationamong all including the seller, lender, buyer and the listing andselling agent is a must for hastening the short sale process.Responsiveness: A responsivelender will return calls promptly and conduct their work on time,leading to expediting of the process.Preliminary Work: Completion ofpreliminary work, such as conducting the exterior appraisal of thehouse and market evaluation by the lender can expedite a short sale.However, if the lender chooses to deprioritize a property or worsedelays for unknown reasons chances are you could be waiting for manymonths for a response.Information Gathering: To ensurequick lender approval, homeowners must furnish requisite informationand documents, such as bank statements, tax returns, hardshipletter, financial statement and pay stubs. Sellers must also signdocuments that allow the lender to coordinate with their listingagent or attorney to manage the entire process. Negotiation: The lender assignsthe offer, along with the financial documents, to a negotiator basedon his availability. A negotiator is assigned within 14 to 180 days,depending on the process and the lender. The negotiator then reviewsthe file, orders a brokers price opinion and decides theacceptability of the offered price. If the price is considered toolow, a counteroffer is made or it is rejected. If an agreement onprice is reached, addendum and counters are signed and the buyerarranges for the finance and the deal is closed within 30-60 days.To add to this load, sellers also haveto sign documents to list their property. To get assistance on and toexpedite the short sale process, contact the experts at www.floridashortsaleshelp.com.The companys expert guidance and compassionate ways havesuccessfully closed short sales throughout all of Florida.
How,Long,Short,Sales,Take,The,