Does anyone know how long the process is when buying a house that is a short sale?
I am a real estate agent and have helped in quite a few of these. My first was over 20 years ago. Lately they have even gotten slower. It will often take a month or longer just to answer a very simple question. If you think about what is happening you may understand why it takes so long. The “seller” owes so much that they can not sell the house at current market rates and often can no longer afford to make the payments. They are asking their mortgage company to forgive them the shortfall and allow them to sell the house for market rate or there abouts. The seller’s mortgage bank will want to check and see if this is really an honest sale (and not just to a friend or relative of the seller). They want proof that the seller has no assets to make up the shortfall themselves. They want to know that this sale is somewhere near the market price. The mortgage company could choose to foreclose and sell it directly, but the lawyer fees and lost money and time from taking ownership of the prope
