Short Sale Waiting Game 2-Minute Real Estate Video

By
Real Estate Broker/Owner with Preferred Home Brokers 00402040

If you're in the process of waiting for lender approval on your short sale offer, you maybe in real estate limbo, what I refer to as the "short sale" waiting game!

It's that that period of time after you've submitted an offer to the sellers, which they've accepted and now the offer/purchase agreement is somewhere in real estate la-la land.

This time period can be crucial for your own success on a short sale (or any real estate purchase for that matter) when it comes to playing the waiting game. Although I do think the short sale process is getting better today than a year or two ago, waiting for an approval can take from two to six months. You want to be sure to not do anything that would impact your qualifying rations or your FICO scoring.

Here's a short list, I'm sure your lender has more:

1. DO NOT change employment, don't make any job changes without discussing it with your lender first.

2. NO major purchases, and yes it can be hard to resist, especially when you need a washer and dryer for the new place, right?

3. NO new credit, yes even if they give you a discount for that new washer and dryer...it can wait!

4. NO large deposits into your account, nothing other than your "routine" deposits. If you sell a car or something like that, be sure to paper trail large amounts and talk with your lender before you make any unusual deposits.

5. NO co-signing for anyone under any circumstances!

6. NO paying off debt without talking first with your lender. What sounds like a good idea may leave you short for important reserves needed at closing.

So that just about sums it up for the short list, more importantly SPEAK WITH YOUR LENDER FIRST, (I'm the REALTOR, not the lender)  before you do anything (even if it makes sense) during your short sale waiting game...or any home buying process.

If you're a home buyer or seller I'd hope you would check out my other 2-Minute real estate videos here:

If you're ready and need help with home buying or selling in Southern California, contact me, Lynda@PreferredHomeBrokers.com Text or direct (714) 595-1494. My company Preferred Home Brokers is celebrating our 35th year representing home buyers and sellers in the Southern California market place. You can speak with me, or any of the Preferred REALTORS, our toll free number is 800-871-9798.

-CA Broker Lic. #00402040

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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lynda

A great message delivered effectively in your video AND your post. Buyers really need to understand the potential risks of any of these activities, and more. I have heard of lenders checking credit again the day before closing.

Jeff

Apr 06, 2011 06:29 AM #1
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hey Jeff ~ Thanks and I agree, I've had it happen too, last minute credit checking & employment verification right down to funding. I'd imagine that most lenders go over these issues most of the time, but it's something that I need to remind my clients.

Apr 06, 2011 11:00 AM #2
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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

   Lynda,  Great video as usual and such wise advice you share!  I really enjoy watching you... 

A question... are you using/initiating the CC option on YouTube?  Your videos are so full of good SEO that Google juice would just love.  I was able to turn it on, and for the most part the words were correct but you can fix the words that aren't fairly easily.

Well done,

Pamela

Apr 07, 2011 03:13 AM #3
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Pamela,

Oh thanks so much, I didn't know how that worked, I'll try to check it out. That's why I try to create my copy to be so close to the spoken word, I heard it was great for Google. But somehow I thought that was done automatically...guess not. Thanks for the heads up!

Apr 07, 2011 02:25 PM #4
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Lynda -

Actually what Jeff says in (#1) and you comment in (#2), actually - that is the new law/rule/requirement.  If I have it right, the re-check within a certain number of days (5? or 7?) before Closing is now a MUST DO.

I'm so lucky because my mortgage source keeps me up to date on so many things - just late and I don't remember the exact details.  Went into effect 4/1/11 (HA!) or goes in April21st??

Anyway - this information is SO IMPORTANT! That new Living Room set caused a sale not to close with our Closing attorney recently.  GREAT INFORMATION!

Have a happy day -
Lynn

PS  Thanks for visiting - note there. L.

Apr 07, 2011 02:30 PM #5
Rainmaker
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Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

Hi Lynda ~ You put together a very helpful video for buyers -- and I like how you "staged" yourself in front of the nice greenery in your office.  Very well done!

Apr 07, 2011 03:27 PM #6
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Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Lynda--Excellent post and video.  You obviously know your stuff when it comes to short sales.  Just had the bank turn down an offer today on one I have listed.  Lately they seem so unrealistic.  Frustrating!!

Apr 07, 2011 04:34 PM #7
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Ah ha, Lynn thanks so much, I had no idea...all the more reason for consumers to be informed!

Hi Marueen ~ Thank you for the critical (in a good way) stager's eye, that same plant has been all over the office when used by others. I appreciate your input and will keep it in mind.

Oh Pat ~ Thank you. Sorry to hear about your situation, seems like they're getting a little better (yet can still be frustrating) here, probably because we've CA is one of the states hardest hit.  

Apr 07, 2011 05:12 PM #8
Rainmaker
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Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Excellent post!  And great video message for the potential buyers!

Thanks for sharing,

Adam

Apr 09, 2011 10:39 AM #9
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hey Adam ~ Thanks for the visit!

Apr 09, 2011 04:05 PM #19
Rainmaker
68,329
Bisendra Melaram
Brita Realty Corp. 718-909-0233 - South Ozone Park, NY
Realtor

Great! I love short and very direct information! Really makes an impact on viewer... Good job Lynda!

Apr 10, 2011 04:47 AM #20
Rainmaker
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Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Very important tips! I also love the way you use the video to communicate - I really need to try that out!

Apr 11, 2011 12:17 PM #21
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Bisenda & Shannon ~ Thaks for the visit & comments.

Apr 11, 2011 01:29 PM #22
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Lynda  You are a natural in front of the camera - it enables you to make your points much more effectively.  Of course, your knowledge of the subject is an equally important ingredient.  You maste both

Apr 12, 2011 11:34 PM #23
Rainmaker
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Joshua Harley
Fathom Realty - Plano, TX
CEO, Tech Geek, Innovator, Disruptor, US Marine

Love the way you did this video!  Great information for folks in a difficult situation in Southern California!

Apr 13, 2011 07:07 AM #24
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Karen & Joshua ~ Thanks to you both for the visit & comments.

Apr 14, 2011 05:53 PM #25
Rainmaker
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Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Great video - you look very comfortable being on camera!  I hope you have a great time in Hawaii!

Apr 17, 2011 04:09 PM #26
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

I attended a class today and heard that the AVERAGE time for a short sale here in the Sunshine State is..............drum roll...............668 days!!!!!!!!

Apr 27, 2011 12:10 PM #27
Rainer
21,769
Mike Bolaski
Coldwell Banker - 1000 Palms, CA

This is a GREAT post. I just had an offer accepted by the seller and am waiting for the bank to accept. I realize I'm in for a long road.


But everything in your video was great to hear! These are things buyers need to be aware of so they don't jeopardize their deposit. The last thing you need is the bank re-negging on the loan after it was originally approved, and the loan contingency has passed!

You're great in front of the camera, look forward to reading your other blogs.

Apr 27, 2011 07:49 PM #28
Rainmaker
554,474
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Georgina ~ Thanks & we're having a great time now.

Hey Barbara Jo ~ 668 days in FL? In that case by the time you get an answer the offer would need to be lower.

Hi Tyler ~ Good luck with that one, just keep-em informed as much as possible during the process. Got 2 of them going now myself.

Apr 27, 2011 08:09 PM #29
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Lynda Eisenmann

Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
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