I am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?
Banks are a lot like people, at least in the fact that they don’t like to lose money. The bank wants to be 100% sure that accepting your offer of a short sale is their best financial choice. They have to evaluate all their options. If they think there is still a chance to get the owner to catch up on their mortgage payments, then that’s a better choice because they don’t loose as much money. Or if they think they can make more money by foreclosing the house and selling it at auction, then that’s their best choice. They will only accept a short sale if they are certain that its their best financial option. Chances are that there is one person who processes them and they have so many transactions on their desk right now that they just don’t have time to look at it. Your best bet is to call everyday. Plus, your Realtor should be helping you out on this one.
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Banks are a lot like people, at least in the fact that they don’t like to loose money.
The bank wants to be 100% sure that accepting your offer of a short sale is their best financial choice. They have to evaluate all their options. If they think there is still a chance to get the owner to catch up on their mortgage payments, then that’s a better choice because they don’t loose as much money. Or if they think they can make more money by foreclosing the house and selling it at auction, then that’s their best choice. They will only accept a short sale if they are certain that its their best financial option. Chances are that there is one person who processes them and they have so many transactions on their desk right now that they just don’t have time to look at it. Your best bet is to call everyday. Plus, your Realtor should be helping you out on this one.
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Ugh, it’s terrible as to how long it takes to get an approval sometimes. In one experience, the 2nd loan holder approved the short sale within the 1st week and the 1st loan holder sat on it for over 2.5 months…will still no answer. Usually the 2nd loan holder takes longer…