How long will it take to complete your Temecula Short Sale?
The fact is the time-line from start to approval on a short sale has NOT been getting any shorter as many lenders have promised. It still takes about 90 days for short sale approval. Your lender and our government have put many systems and incentives in place to help you avoid foreclosure. But even with their promises of quicker approval times its just not happening.
One of the biggest issues is closing. Once you have you short sale approved your lender will give you 30 days to close.
This should now be the easy part. You have your short sale approved and we close right? Wrong! Once you have the approval
letter in hand a copy needs to go out to the buyers agent. The buyer has been waiting 90 days for this short sale approval letter.
Now they have 30 days to close and have to scramble to get the appraisal,inspections and final loan approval.This is were many
short sales blow up! If your short sale fails due to the buyer it’s a redo,no matter what your lender says expect a 30 day
delay to get back to approval and you have to get a new approval letter as when the lender issues a short sale approval letter that letter
is buyer specific. It has the buyer name in the body of the approval.You can not just move on to a backup buyer.
How long will it take to complete your Temecula short sale? I quote 4 months. 90 days to get approved and 30 days to close if your buyer does not fail to perform. Thats a whole other short sale subject. By Sidney Kutchuk,Temecula Short Sale Agent.