Rumor has it that the time frames for short sales will soon be reduced. As a Temecula short sale expert I keep reading that the major lenders and even our government are working, even mandating that the inventory (housing) & time to complete short sales must be reduced.
Two years ago it was the U.S. Treasury HAFA short sale program that was going to streamline the short sale process. HAFA made many welcomed changes but did NOT result in reduced time frames. This year we are now being told that new Federal rules could speed up the short sale process. The key word being could.
Here is the line were being fed….
Homeowners can expect a response from their bank on a short-sale offers within 30 business days, with a final decision taking no more than 60 days, if their loan is owned by Fannie Mae or Freddie Mac.
All in all I do expect to see some progress but I am skeptical that banks and servicers will be able to reform their staffing practices to achieve this — even if penalties are imposed. But this is a good sign and I do feel some time will be shaved off most Fannie & Freddie Mac short sales. Currently I quote my Temecula short sale clients 90 days as the average time to get their short sale approval letters.
Some of the complications inherent in short sales are beyond the control of regulators or banks, or servicers. Buyer’s putting in multiple offers, and or changing their minds force seller’s and Realtors to come up with replacement buyers.
Short sales continue to provide Temecula and Murrieta homeowner an option to foreclosure.
If your thinking “is a short sale a solution for me” let me show you the facts.
I offer my services at no out-of-pocket costs to you. My direct line is 951-215-6745
By Sidney Kutchuk – Realty Works Temecula broker & Certified Short Sale Specialist.