Policies are constantly changing at the lender level for short sales. Recently, Countrywide (Now known as Bank of America), our largest servicer of short sales, has not made a policy change, but rather has made a move to heavily enforce a current policy.
That change will have a large impact to buyers of short sales if Countrywide is the servicer. In brief, their phase-three negotiators will allow one postponement/extension of the short sale approval letter, and they will be enforcing the per diems.
This means buyers need to start to move on their loans before the short sale approval is received. I am not recommending that the buyer spend money out of pocket for inspections and appraisals, but rather that they get the loan to the point at which the lender is only waiting for items such as the appraisal. If the loan officer is initially underwriting the loan and dealing with all conditions other than the appraisal, it should not take more than a couple of weeks to close the loan after the short sale approval is received.
Countrywide really is, "Hurry up and wait, then hurry up again."
Good luck, and happy short selling.
Matt Side
Alliance Short Sales
509.747.1101 Phone
509.326.6573 Fax
www.AllianceShortSales.com
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