Our office just took listings on 10 short sales in Moreno Valley, California. As part of the same package, we also have available for sale three properties in Temecula, California. All of these properties were built after 2000, are two-story, have upwards of 2400 square feet (between three and five bedrooms).
When it comes to buying short sales in Moreno Valley, Temecula and beyond, here’s what buyers need to know about the short sale process.
When you find a property that you like (whether it’s in Moreno Valley or elsewhere), an offer is submitted to the seller and the listing agent. If the offer is accepted by the seller, it then needs to be sent to the mortgage lender for final approval. This is where the process sometimes slows down more than some people would like.
Once the offer has been sent to the lender(s), the actual Short Sale process can take anywhere from 2 weeks to 4 months. This timeline varies with each lender.
After the lender reviews the Short Sale package, the lender will then order a BPO (Broker Price Opinion). This is similar to an appraisal, and once the lender receives the report, a final decision will come shortly thereafter. The lending institution orders the BPO so they can figure out what their net proceeds will be (how much of a loss they will be writing off).
Buyers must be patient throughout this part of the process. At times it may feel things are going slowly, but remember this is not a regular transaction and can take longer to complete. Bank employees have hundreds of files to review, and this is why the process is so slow.
Once an offer has been approved by the lender, it is time to proceed to close the transaction. The lender may demand to close escrow in anywhere from 10-45 days, so buyers must be prepared. If a buyer does not close by the lender’s deadline, the next highest bidder in line may be accepted.
If you are writing offers on short sales in Moreno Valley, Temecula and beyond, it is important to understand this process—so that you know what you are waiting for and why you are waiting. You should also be sure that you are working with a well-qualified Realtor®, one who has experience with short sales.
Want to search for homes in Moreno Valley? Use the interactive map below. Hover over the little houses and see if there is anything of interest to you. You can also customize the map for you own. If you want to go out and check out homes in the area or anywhere in San Diego or Riverside County, contact the agents at Broadpoint Properties.
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