If you bought a 3-year-old car, and took out an 84-month loan, it would be 10 years old when the loan was finally paid off. Try to imagine how youâd feel making loan payments on a battered 10-year-old heap. Long loan terms are yet another tool the dealer has to put you into a car because they focus you on the monthly payment, not the overall cost.
Time Constraints. Lenders limit the period of time for the short sale to take place, like 4 months. The seller is responsible for showing the home to potential buyers. Some lenders require a real estate agent be used when listing a home for a short sale.
It is also riddled (in a small way) with exceptions that might delay when the period (say, six years) would begin to run, and some exceptions that might âtollâ the limitations period, i.e., impose a âtime outâ during the (say, six year) period.