Tuesday, March 1, 2011

Average short sale is longer compared to a traditional sale

I knew short sales took a while, but the stats are bad.  Problem number 1?  The lenders in general.
Of the survey’s 626 respondents, 53.6 percent said that in their experience, on average, short sale transactions take four to six months.
More than 18 percent said the transactions take seven to nine months, 7.3 percent said the process takes 10 to 12 months, and 2.6 percent said the process takes more than a year to complete.
Only 18.2 percent said it takes three months or less.
An overwhelming 56.8 percent said the greatest challenge in completing a short sale is lenders, while 2.4 percent blamed challenges on the clients. About the same amount of participants (57.6) said lenders need to shorten the time they require to complete short sales.
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