How Fast Can Short Sales Get Done?
Would you believe it if I told you 24 hours for an initial response from the bank and 7-10 days for approval????
I assume we have all heard stories about what a nightmare short sales are, right? About how the banks are unable or unwilling to do right by struggling homeowners. About how the process takes forever and then sometimes still doesn’t even work out. About how a buyer submits an offer and has the property “stolen out from under them” at the 11th hour? About how the banks aren’t playing fair while sitting on all that bailout money.
Well, some of that may be true and some of it may not but what I do know is that some banks are taking major steps towards making the short sale process more efficient and stream-lined. They now understand that the short sales are happening and are the best option for them and the homeowners. They don’t want to take these properties back in foreclosure and know that they need to make it easier for homeowners to get out from under their mortgage burdens by short selling. Ultimately, banks would like to keep people in their homes and continue receiving payments but if that’s not something the homeowner can accommodate, short sales are the next best option to avoid foreclosure. Appearing to lead the pack in streamlining the short sale process is Wachovia and World Savings. They have implemented Fast Track programs that really do make the process quicker and more efficient. They are talking about 24 hours for initial response and approvals in 7 days!! They are taking necessary and logical steps to help borrowers complete short sales in timely manners. Wells Fargo (who owns Wachovia) may be next in line and it appears that Bank of America and others are working to make the process better as well.
We specialize in Short Sales and have helped many over-encumbered homeowners sort through the confusion and get out of tough situations. Don’t work with just any Realtor who says they do short sales. Make sure they know what they are doing. It can mean the difference between success and failure. We have gotten approval on 1oo% of the short sales we have worked on. Please contact us if you have any questions or if you know someone else who could use proper, useful and free consultation.
Calabasas and Westside real estate and homes for sale