Why are the banks taking so long to approve short sales?

September 27th, 2011 \\ Blog \\ Tagged: , ,

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One would wonder.  2008 it could take 6 months to a year.  2009 they did get a little better with about a 3 month turn around time.  2010 wow 30-45 days.  2011 back to 60-90+ days.  It will take longer if there is mortgage insurance involved, however the banks say it is because they are swamped with short sales again.

Thank goodness the buyers are so patient!