Why do short sales take so long?

What is a short sale?

A “short sale” occurs if two things happen:

1. The seller is attempting to sell for less than they owe
2. The seller is unable to make good on the balance on his or her own

If the seller owes $100,000 and accepts a contract that would net $99,000 after real estate commissions and other fees, but brings the $1,000 to closing, it is not a short sale. That closing would occur at the same rate and speed as any other normal purchase.

A short sale is the alternative to an executed foreclosure and can sometimes be cheaper for the seller and lender.