“Why does it take so long to close a short sale?” This is a question I get asked daily.
Thanks to our friends at First Centennial Title I can now point to the flowchart below to provide some insight into the short sale process. In my experience determining whether the Seller qualifies for a short sale and validating his or her hardship situation takes the bulk of the time – sometimes weeks to months. Meanwhile the Buyers [try to] wait patiently.
To see the steps involved in successfully navigating and closing a short sale click on the short sale flowchart below to enlarge.
Related post: Foreclosure flowchart
Anon
The problem is that listing agents let sellers list the property for sale before a short sale is approved. If they had to get approved before listing, then sellers wouldn’t be causing buyers to pull their hair out waiting.