Why do they call it a SHORT SALE when it takes so LONG?

My principal broker had an offer on a short sale and it took three months before it finally crashed and burned. He was able to find another home for his buyer, but this attempt took valuable time, created stress and ultimately didn't serve anyone.

I have heard that the process for short sales is supposed to improve and I had first hand evidence of that this week. I submitted an offer on a short sale and the listing agent, who is very experienced in short sales got the paperwork to the bank right away. He called the next day to check and see if any additional documents were needed and he was surprised beyond belief to find out that the bank (Bank of America) has already assigned a contact person and he said, "I have his name! I have his phone number! I have his email address!"

We are hoping that our good offer will be acceptable to the bank and that this short sale won't be a long time in coming. We are hopeful it will be 30 to 60 days. We are already light years ahead of the game from the last one I attempted a few months ago.

So don't give up on short sales. They may not be as long in coming as they have been in past months.