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Saturday, October 21, 2017

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Why Do Short Sales Take So Long?

By TimThornton, published on Oct 28, 2012

Buyers get excited about the listed price of short sales when they see them online, but that excitement fades over the months--as they wait to hear back from the bank on their offer. Many, if not most, short sales end in buyer disappointment. RealtyTrac (R) reported last year that "Pre-foreclosure short sales took an average of 245 days to sell...". That's 8 months. Compared to a normal 30 day close--8 months is a lifetime. What is worse than that is that buyers can very often wait 4-6 months before the bank even considers a short sale offer in the first place. So, it's not the closing... (more)

Tags: real estate, short sales, why to short sales take so long, business 101

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