Temecula Short Sale Closing Process

Temecula short sale closing process...what does this process entail and how does it effect you? There are many big decisions to make when you are faced with a foreclosure. Once you understand what the foreclosure process is and what alternatives and options are available to you, the sooner you can take action to make the correct choice for you.
To understand what a Temecula short sale closing is you first need to know what a foreclosure is. A foreclosure is when a homeowner is delinquent on their mortgage payments and is no longer able to make their payments. The lender then takes the legal steps necessary to gain possession of the house and property.There are alternative options to foreclosure one of those options include a short sale. To get more information regarding the Temecula short sale process, contact one of our experienced Temecula short sale agents they will be happy to answer any questions that you may have.

Once again to understand what a Temecula short sale closing is you must understand what the short sale process entails. The first step to a successful short sale on your home is to find the right experienced real estate agent for you.  Not all licensed real estate agents are capable nor well versed in the art of the short sale process. You will need to make sure that the agent that you choose is has the most current foreclosure information available.

Once you have chosen the right agent for you, you move forward with your agent to see if you can qualify for a short sale then list your home for sale.. After you have an offer that you accepted and a buyer that is pre-approved the closing process will begin, (many steps in between will be taken, to gather information, ect…)

What is a Temecula short sale closing? A short Sale closing is the goal of a short sale.  The final events that occurs once all of the documents & proceeds for the sale of the home are in, escrow will proceed to close your short sale.

Key components of a Temecula short sale closing:

  • Preliminary Report – a primary tool used to learn what is recorded against a property. This will verify ownership, confirm the correct legal address of the owner and identify trust deeds, taxes, delinquencies, liens and judgments filed against the property

  • Letter of Authorization – Securing this from the seller will allow the lenders to speak with the assigned agents handling the short sale, the escrow officer and any assistants about the short sale negotiations.

  • Approval letters –  These documents lay out the conditions under which a lender will agree to the with the short sale, some of this information can be time sensitive  and  critical to the closing process.

  • Expiration Of Approval Letters And Other Escrow Time lines –  Generally, approval expires within 30 days.

The Temecula short sale closing process is the result of a lot of hard work, time and effort that goes into putting together a successful short sale package. This includes financial statements, medical bills, divorce decrees, tax returns and much more. The short sale closing process will have “normal” escrow closing procedures. There are additional components that vary from state to state, lenders have different policies and procedures and all short sales have their own unique circumstances, so closings will always be different with each short sale.

For more information on the Temecula short sale closing process please contact our office and speak to one of our professional & experienced short sale agents and remember their is never a fee for our services to help you through the entire Temecula short sale closing process. Realty Works Temecula – 951-676-4663

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Sidney Kutchuk

Sidney Kutchuk is the Broker at Realty Works Temecula. As a Temecula Short Sale Specialist Sidney Kutchuk is helping Temecula CA homeowners avoid Foreclosure. 951-215-6745

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