With all the negative exposure short sales get, I felt it was my duty to disclose the comforting information. That is right folks, just like the title reads. I just received an approval on a short sale I was working on in 4 days. Both my buyer and I are ecstatic. And to answer your next question, the bank that was holding the mortgage was Columbia Home Loans.
On another note, what is proving to be true that I am informing my buyers and sellers about short sales is that there is nothing basic or standard about a short sale. The process and the swiftness doesn't vary on the bank or lender that holds the mortgage.
The difficulty in getting a short sale approved quickly in lies that the bank or lender needs to review every deal on a case by case basis to determine if the homeowner can truly no longer afford the mortgage, or if the homeowner is simply trying to get out of something they no longer want to be in. So the lender/ bank must decipher between these two sets of homeowners.
You must look at every single short sale on a case by case basis.
Don't ever quote your buyer on a time frame the short sale will b expected to be approved by, you are only setting yourself up for future blame. Just let your buyer know right off the get go that you have seen short sale approvals take from 1 week through 12 weeks, so if they are considering a short sale they should be able to handle the worst case of 12 weeks, even if it may only take 2.
The end result of this blog is, don't always be discouraged when you face a short sale in the face. You can't run away and hide from them, because most of business going on today involves them. At the current time 3 of my five deals under contract are short sales. Become friendly with them, learn everything you can about them, and be patient when your involved in them.
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