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#429773 - 10/30/13 06:02 AM Why do SS take so long to close?
Newton Offline
Member

Registered: 04/04/07
Posts: 456
Loc: Ohio, USA
I've never been involved in any short sales on either end. Why the heck do they take so long to close? I buy a few fixer uppers now and then to rehab / resell, usually reo's.
I have my eye on this SS but the list agent says on average 120 days to close. Frecking 120 days is a third of a year, are you kidding me? I just don't get it.

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#429780 - 10/30/13 11:38 AM Re: Why do SS take so long to close? [Re: Newton]
Ben34105 Offline
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Major Contributor

Registered: 02/25/05
Posts: 2304
Loc: Florida
I've sold short sales. Most of the time is waiting for the lender to get back to you or request more paperwork. If you're on top of things and know what you're doing I've had them approved in as little as 12 days. Then you have to wait 45 for buyer financing. frown

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#431052 - 12/16/13 02:57 PM Re: Why do SS take so long to close? [Re: Newton]
Kirk Craig Offline
Member

Registered: 12/02/13
Posts: 31
Loc: Illinois
All short sales don't take that long. It depends on the lender. It started out that all of them were kind of slow because the amount coming in was overwhelming. Some learned how to streamline the process to make it quicker. I've closed quite a few short sales and they usually still close within 45 days. I am going through my first one where I am representing the seller. Lets see how this one goes.

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