Short Sales Why So Long?

As in the previous posts about Short Sales we have reviewed what roll everyone plays in the Short Sale Process. Now why it takes so long to complete a Short Sale.  Short Sales are different from regular Home Sales and challenging to process since they involve more parties to the transaction, Short Sales Transactions include, Borrower (seller), Loan Servicer, Potential Buyer, Investor, Mortgage Insurer (if applicable), Sellers Real Estate Agent, Buyers Agent and any Subordinate lien holder. The Mortgage Company and Investor both perform valuation reviews because Short Sales are often viewed by potential buyers as easy opportunities to buy a home well under market value. Exceptionally Low Offers are frequently submitted. Some agents actually submit what lenders call "straw" offers to test the bottom line of the lender, this only extends the process as lenders will only look at one offer at a time. Many Fraud Risk reviews must be completed. Each Short Sale is different depending on how many parties are involved because of that lenders often cannot tell the parties how long the process will take. The key in a Short Sale is patience. Hope this helped explain why a  Short Sale takes so long to process.