Would a cash offer be more desirable to the bank as it is a short sale… making it a quicker process?
I got this question last night from one of my buyers. Getting financing on a propety is not the reason why it takes so long to close a Short Sale. Sure, in the end a cash deal can close 2 weeks earlier but what makes a Short Sale such a long procees is the banks. It takes them forever to even assign a person to this deal. 3 weeks maybe 7 weeks. Once this file is assigned the bank takes their merry time to send out an agent that does the BPO for this Short Sale. Once the BPO is in it takes another 4 to 8 weeks for the banks to make up their minds and counter. Now this is only if you deal with one bank if there is more than one mortgage on the Short sale property you can easly double the time it takes to go to closing.
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