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Top 10 Things to Know About Short Sales


9
Long Closing Time
Be prepared to be patient and watch the days tick by -- short sales can take months to close.
Be prepared to be patient and watch the days tick by -- short sales can take months to close.
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"Short sale" is sort of a misleading name. It doesn't refer to the time involved, but to the seller coming up short on the loan payoff. This is part of why short sales can take four to nine months to close, and sometimes even longer. The bank doesn't just come out and tell the seller how much it would accept for the house, so while the seller and buyer negotiate a price, the seller also has to get that price approved by the bank. Approval can take a long time, and if the bank rejects the first offer, it draws the process out even more.


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