In the last two years I have purchased 2 short sale properties and one currently on deposit. The two that I purchased took 10 months and 8 months respectively to close. The one currently on deposit I got the signed purchase agreement 7/7/13 and who knows how much longer or even will it close. Not sure what is to decide as there are no contingencies?
Being an investor, it really doesn’t matter to me, but how about clients that I am doing mortgages for? Some of my clients lose patience and back out of these deals for many reasons and end up wasting a lot of time.
For months we have read that the decision maker must respond much quicker to the offers, have they improved, sure but still take much to long for the majority on home buyers.