DO NOT ASSUME THAT AN EXTENSION WILL BE GRANTED BY THE SHORT SALE LENDERS IF YOU CAN NOT CLOSE BEFORE THE SHORT SALE APPROVAL EXPIRES.
UGH. I have blogged in the past about what buyers should expect in their Sacramento Short Sale experience. Please buyers - if you are ever-so-patiently waiting for an answer on a short sale, please do yourself and everyone else a favor by having your lending ready to go. I have also written blog posts about how to select a good lender.
There are many new regulations that have recently taken affect that will lengthen the time it takes to close your loan. Those new regulations - coupled with the fact that most short sale lenders will allow you 30 days OR LESS to close your escrow - can cause major stress and headaches if you are not absolutely ready to jumpstart your escrow at warp speed as soon as your short sale is approved!
So buyers, please - pick a direct LOCAL lender, meet with them in person, get all of the Truth-In-Lending Disclosures in advance, and be ready to order your appraisal. This is critically important. I get my short sale buyers prepped and ready to go, so that we can close an escrow within 14 days of short sale lender acceptance.
I have a short sale listing that required a 21-day closing. The buyer's agent assured me that everything was in place with the loan and moving forward quickly. It turns out the appraisal (a critical piece of the loan underwriting and approval process) was not ordered until day 13 of the transaction...it should be ordered NO LATER THAN day 3. I will blog in more detail about this one after it (hopefully) closes...the buyer has requested an extension, and I have been repeatedly told NO by both short sale lenders.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment