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How Long Do Short Sales Take?

The truth about short sales is that while everyone wants it expedited, the process invariably stretches longer than expected. A short sale may take anywhere from three to six months and the closing of the property may take an additional 30 to 60 days. For buyers, a short sale definitely takes longer than buying a regular non short sale house. This is because the lender must first approve of selling the property at a price lesser than the balance debt amount on the property. Most buyers, however, prefer buying a short sale property because these can be obtained at less than their original market value. Banks often take as long as two months to six months to respond to an offer, whether positive or with a counteroffer.

Factors Determining the Pace of a Short Sale Process

Here are some factors that decide the length of a short sale process:

• Cooperation: Mutual cooperation among all including the seller, lender, buyer and the listing and selling agent is a must for hastening the short sale process.
• Responsiveness: A responsive lender will return calls promptly and conduct their work on time, leading to expediting of the process.
• Preliminary Work: Completion of preliminary work, such as conducting the exterior appraisal of the house and market evaluation by the lender can expedite a short sale. However, if the lender chooses to deprioritize a property or worse delays for unknown reasons chances are you could be waiting for many months for a response.
• Information Gathering: To ensure quick lender approval, homeowners must furnish requisite information and documents, such as bank statements, tax returns, hardship letter, financial statement and pay stubs. Sellers must also sign documents that allow the lender to coordinate with their listing agent or attorney to manage the entire process.
• Negotiation: The lender assigns the offer, along with the financial documents, to a negotiator based on his availability. A negotiator is assigned within 14 to 180 days, depending on the process and the lender. The negotiator then reviews the file, orders a broker’s price opinion and decides the acceptability of the offered price. If the price is considered too low, a counteroffer is made or it is rejected. If an agreement on price is reached, addendum and counters are signed and the buyer arranges for the finance and the deal is closed within 30-60 days.

To add to this load, sellers also have to sign documents to list their property. To get assistance on and to expedite the short sale process, contact the experts at www.floridashortsaleshelp.com. The company’s expert guidance and compassionate ways have successfully closed short sales throughout all of Florida.

Indian SMEs Boost Business in Bahrain

Over the years, Bahrain has maintained a steady economic growth prompting several foreign investors to explore its business environment. Bahrain’s free economy status in the Gulf region and a diversified industrial landscape are factors responsible for its attractiveness as a destination for large-scale investments. In recent times, a growing number of Indian SMEs are entering the Bahraini market to capitalise on the opportunities available for growth.

India’s total trade with Bahrain has increased substantially in the past few years. Notably, total trade between the two countries stood at around $1,081 million in 2007-08. India has been a major exporter of textile, fruits, machinery, iron and steel, paper, rubber and leather products to Bahrain. Alternately, Bahrain has exported oil, chemicals, pharmaceuticals, base metals, iron and plastic products to India.

Bahrain’s liberal tax structure that exempts all companies, except those in the oil and gas sector, from paying corporate taxes is the biggest draw for most foreign investment companies. In addition, Bahrain offers access to a highly skilled workforce, which makes it more lucrative for trade and Investment Guide .

Sectors of growth

Market analysts believe that Indian SMEs should target growth in sectors such as logistics, IT, automotive engineering, education and tourism in Bahrain. They further opine that Indian telecom SMEs should set up centres in Bahrain to maximise their return on investment (RoI).

Bahrain’s Information and Communication Technology (ICT) industry is another potential segment for growth. The sector is expected to touch $375 billion by 2010 and is expected to grow at a robust pace in the next 5 years. Indian ICT SMEs can, therefore, grab a considerable market share by addressing the increasing demand for innovative IT products and services in Bahrain.

Indian SMEs in the finance sector should also tap the potential that exists in Bahrain’s financial markets. Mutual funds, asset management and private banking are some of the most promising segments.

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