I just received short sale approval from Wells Fargo in 26 days! It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box. So much is written about the bad short sales – the ones that drag on for months at a time – that I thought I should remind potential short sale sellers that not every short sale takes forever to be approved. Many are approved in 30 – 45 days, and some lenders are even encouraging their distressed borrowers to apply for a short sale.
Coast Hills Short Sale Approved in Two Days!
Coast Hills Short Sale Approved in Two Days!
I have another short sale success story to report. Just last month, I closed a Coast Hills short sale that was approved within two days of submitting an offer to the bank’s representative. Coast Hills is a local credit union and working with a local entity is very different from working with a national bank. An appraisal had already been completed and the sellers financials were already on file -- so they did not require these documents to be resubmitted. In total, this short sale was closed within 65 days of it being placed on the market.
So, beginning to end, this was a two month process for the seller and very much mirrored the timeline of a traditional sale. I think the buyer was shocked given what everyone says about short sales. But, not every short sale is a long drawn out experience. Smaller banks have the ability to be quicker in their response time. The reality is that a short sale does not take months and months to process, and if you can get your file to a decision maker quickly, you will usually get a quick decision.
If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced Central Coast short sale agent to guide you through this process. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Copyright© 2011 Tni LeBlanc *Coast Hills Short Sale Approved in Two Days!*
