Here are the top 5 reasons your short sales process could be so lengthy.
1. The Second Lender is Not Cooperating
A short sale means the entire balance of the loan is not going to be paid. Losses will be had. Sometimes, a secondary lender may not agree to the terms and it’s a back and forth issue between the two lenders.
2. The Home is Vacant
If the home is vacant, there could be a stipulation that the homeowner needs to live in the property. Then, it’s a matter of waiting for them to move back in. Also, if the home is vacant, it could be vandalized, which means that at closing there could be additional unexpected repairs that need to be taken into account.
3. There May be Lien’s or Judgments Against the Home
A professional realtor should check for any liens or judgments on the home. It’s easy to look at the public records for them. A buyer may walk out on a short sale purchase if there are liens because they can pass on to them and become their responsibility. This could offset the cost of the short sale.
4. Documents Come Up Missing
A short sale NYC package must be completed and approved before a short sale can proceed. If any of those papers come up missing, they must be resent. Through emails, faxing, and postal mail, it’s easy to be misplaced and claimed missing at the last moment.
5. The Realtor is Not On the Ball
Sometimes, the realtor is inexperienced and will not be following up with emails and phone calls to the lender. The paperwork could then be buried. Using an experienced short sale specialist, like Premier Real Estate NYC is a guaranteed way to keep the lender in check.