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.
The time allowed under state law for such a notice is usually 30 or 60 days, but it may be as short as 20 days or as long as 90 days. There may be different time periods if the tenant has lived in the unit for a long time, is a senior citizen or is disabled.