Home buyers in Sacramento are struggling. No question about it. It's difficult to buy a home in a seller's market regardless of the type of financing a home buyer is utilizing, but CHDAP loans can present even more obstacles. I have closed short sales with home buyers who have utilized CHDAP financing but that was in a different market. Not in a seller's market. And even then, closing often required an extension.
A CHDAP loan adds a layer to the approval process and can delay underwriting for a home buyer. The last thing a Sacramento short sale seller needs is to get all the way to short sale approval and then find out the buyer can't close within the time frame specified in the approval letter. People think that short sale lenders need to abide by the time frame agreed to in the purchase contract, but that's not how it works in the real world. In the real world, home buyers have to conform to the short sale bank demands. And, unfortunately, a CHDAP buyer might get the short end of the stick when it comes to buying a short sale in Sacramento.
What is the answer? The answer is to streamline the CHDAP process and not make it so danged time consuming for a CHDAP buyer to get qualified and close.
Read more about CHDAP Loans for Sacramento Home Buyers.
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