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Short Sales: Are lenders becoming more responsive?
At the end of August I posted a question regarding Credit consequences of the Short Sale and received many wonderful replies.  Since then I closed several short sales myself. Every time it was a frustrating experience. Based on this experience I came up with a mini-process for short sale and I give it to my potential short sale sellers and buyers, before they decide to go ahead with it. Here it is:1. Fax or mail the short sale package (missing a single documents or lender misplacing it can cost anywhere from a week to 6 weeks delay) - I have not found a lender that allows you to submit a short sale package electronically!).
2. Lenders enter your information to their computer system (3 days to 2 weeks)3. Short sale package is sent for review. If you have all documents - it can take up to 30 days. If not - see above. 4. If review is positive - lender assigns a negotiator; you might be lucky and receive his/her name and direct email and phone number; it is much easier from this point (of course this is relative) 5. Negotiator sends an offer letter - we usually are getting 2 to ... more

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