Special offer

Anyone out there getting short sales approved recently?

By
Real Estate Broker/Owner 01293735 CA

We do alot of short sales and have for over 3 years. The past 3 months, we have have had very few written approvals on our short sales. I am wondering if this is common for the rest of you now? Are you getting short sales approved? Any suggestions on what we can do to expedite written approvals?

I like short sales as the price is not the issue on selling the home. The buyers, sellers, and agents are on board.My frustration is getting the buyers to hang on for months while the banks process the approvals.

Posted by

 LORI BOWERS

http://www.loribowers.com

The Lori Bowers Group

A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs

La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.

78120 Calle Estado Suite 103

Old Town La Quinta

La Quinta, CA 92253

Phone: (760)8311595• Fax: (760)771-5327

Comments (6)

Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Hi Lori - interesting.. I have not ehard that here in Westchester...   Best, Gay

Feb 14, 2011 06:46 AM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi Lori, approvals have been a slam dunk for me as long as the buyer's offer is within 95% of the appraised value.  I've got one that is stuck at the negotiator because the offer is so far below the appraisal but at the same time I have comps that support the offer.  Keep at it and best of success to you this year!

Feb 14, 2011 06:49 AM
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Lori, I have approvals on my short sales, one took 24 days, 2 took about 2 months.  I can't complain, I think it is quite reasonable for a short sale.

Feb 14, 2011 06:50 AM
Kim Boekholder Utah Real Estate/ PECO
Results Real Estate 801.580.5624 - Draper, UT
Broker Results Real Estate/Leasing Specialist PECO

The ones thru equator/bank of america have been going well, but Wells Fargo or short sales with MIP have been dragging on or tanking all together.  The MIP have been requesting insane amounts of money from the sellers to proceed.  I'm curious to see what others have been experiencing.

Feb 14, 2011 06:52 AM
Lori Bowers
La Quinta, CA
The Lori Bowers Group

Thanks for the feedback - 2months would seem like a miracle here right now. Glad it is going better for some of you.

Feb 15, 2011 02:44 AM
Tina D Saporito, Your Dedicated Palm Desert, CA Realtor Since 2005
Ronald Christopher & Associates. Proudly serving Palm Desert, La Quinta, Indio, Rancho Mirage, & Palm Springs. - Palm Desert, CA
Call (760)799-8460. www.JustListedinPalmDesert.com

My experience has been good on short sales lately. Seems like banks are responding within a few weeks in most cases.

Feb 18, 2011 07:16 AM