Getting approval on a short sale on takes time. Lot's of time. The layers of bank employee's and companies involved in mortgage ownership can slow the approval process. Imagine a football team requiring all 11 offensive players, coaching staff and owner to agree on which play to call. The game would take a very long time.
As it is with short-sale real estate. However, Patience is rewarded.
If you are a buyer in today's market, do not pass up the opportunity to offer on a short-sale home. Be prepared to wait 60-70 days for bank approval. Then another 20 days to close escrow.
Thursday, April 23, 2009
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