Why Do Short Sales Take So Long? https://longislandshortsaleagents.com/short-sales-in-long-island-ny-2/ Looking for the best agent to help you with the sale of your Long Island NY home in probate? Visit this link now!

1. Why Do Short Sales Take So Long?

2. Are you thinking of short selling your home?

3. Getting approval for a Long Island NY short sale is not a walk in the park. In
fact, people will tell you that it can be a long and uncertain process.

4. Here are some reasons why short sales may seem like a
slow transaction.

5. 1. Seller information packet delay. The process will formally begin when
the bank receives a complete application packet from you. Nothing will happen
with the short sale until the seller submits everything.

6. The packet includes a hardship description, tax forms, pay stubs, and
other related documents.

7. If you want to expedite the process, you need to submit the
complete application packet in a timely manner.

8. 2. The seller’s bank must review the short sale package. The seller’s bank
needs to review the short sale package submitted by the seller. The lender will
want to check the seller’s debts and assets, review their credit score, and the
contract to purchase the home.

9. The bank will not approve a short sale if the seller still has assets
that can be used to pay off the loan.

10. 3. There can be multiple decision makers . Most of the time, a large bank
services the loan on behalf of loan investors or other mortgage investment funds.
The bank will submit the documentation and approval requirements to the loan
investor. The investor will look into it and will be the one to decide.

11. 4. Documents can get lost and signatures are left blank. A short sale
package requires hundreds of pages of paperwork. . If a single page gets lost or if
one signature is left blank, the document will not be processed.

12. In addition, there are times when it takes a month to get a response
from the bank, informing you that things are missing.

13. A short sale is not a task to be undertaken by just any real estate agent. If
you want to speed up the process, you need to work with an experienced
Long Island short sale agent like me.

14. I can handle all the challenges of short selling your home and prevent you
from falling into the many pitfalls that can cause unnecessary delays in the
process.