Santa Clara Short Sale and the Buyer's Pre-Approval Letter

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Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194
https://activerain.com/droplet/6H2

One of my listings is a short sale in a lovely complex in Santa Clara.  It was only on the market about a week and I got 3 offers on it.  It was priced appropriately, looked good, and I had an open house on Sat and Sun. with plenty of traffic. My sellers signed one of the offers which included a good down-payment, a copy of the earnest money deposit, a pre-approval letter. All of this was sent to the lender by fax and I have been doing my weekly follow up every week. Nothing unusual here. After 3 weeks I was still waiting to hear from a negotiator.

So this morning when I called for my weekly update the service rep read me the notes on the file from the processor. She was asking for some updates, including an updated pre-approval letter from the buyer.  I looked at the date on the pre-approval letter and it was only a month old. this seemed like a new enough pre-approval to me. then I looked at the bottom of the letter which said the pre-approval was only good for 30 days, and guess what, the 30 days is up today. 

One thing I love about short sales is that every day I learn something new. I now know to check the expiration dates on the pre-approval letters. They, like the financial documents of the seller can expire and the lender needs to know that the buyer still qualifies.

 

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

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Rainmaker
162,947
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Yes, you have to be careful with the short sales, my clients had to keep sending in a financial statement but that also depends on how the long the property is on the market.

Mar 14, 2011 05:31 PM #1
Rainer
51,958
Cheryl Malone
Windermere Van Vleet - Medford, OR

Details... I have to remember details all the time... keeps us on our toes.

Mar 14, 2011 05:34 PM #2
Ambassador
2,036,311
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Yes, every day, every day, something new to learn...

Mar 14, 2011 05:38 PM #3
Rainmaker
187,513
Beth Larsen
RE/MAX Sedona - Sedona, AZ
Sedona Arizona

Marcy, some days I think that change is the only 'constant'. We just had a significant contract revision in AZ that included the erstwhile (and poorly-named) LSR aka 'Loan Status Report' which is now the 'Buyer Pre-Approval' - and had a problem (OK it's a new form) with an AZ lender putting in that days date as the expiration date because "the rate is never guaranted". Oh, surprise-and so helpful (not). What kind of weight do you suppose THAT so-called pre-approval will have with a seller OR a lender?!

Mar 14, 2011 06:13 PM #4
Rainer
26,873
Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

Short Sales are a moving target. Keep learning and help your clients close the sale!

Mar 14, 2011 08:34 PM #5
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460,785
Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Best of luck with your Santa Clara short sale Marcy. I process can be lengthy and it seems documents will need to be updated on a regular basis which sometimes makes no sense. Why can't we simply send the current documents when the negotiator is ready to go over them instead of at the beginning where they will sit for who knows how long?

Mar 15, 2011 02:18 AM #6
Rainmaker
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Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

While I do not always like the process of a short sale it is what it is and a buyer and seller need to agree to do everything that is asked of them or they don't get to play.

Mar 15, 2011 03:17 PM #7
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Marcy Moyer

Probate, Trust, and Investment Specialist
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