I have had many buyers ask me why Short Sales take so long. After all, aren't they called "SHORT" sales... shouldn't that mean they're fast? Well, they're actually called Short Sales because the Seller is selling the house for less than they owe on the mortgage(s). In other words, they are going to be short on what they owe the Lender.
There are many reasons that banks take forever to respond, but when the process drags on and on, it becomes more difficult for the Buyer to understand why the wheels are moving so slowly. I have seen banks respond in days, but I have also seen banks take 5 months or more to respond. The process can turn into a frustrating nightmare if you're not prepared. The bottom line is that Short Sales require an understanding of not only the process, but how that process can get inexplicably bogged down within the Lender's processes.
There are deals to be had, but they require everyone to be ready for the worst case scenario.
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