What takes short sales so long to close in Sacramento? That's what buyers want to know. I can tell you what part of the problem is and you're looking at her. OK, not me, personally, but some other Sacramento short sale agent. It's the listing agents who can hold up the short sale process and cause delays.
Short sale listing agents who screw up do 3 major things wrong. The first thing is they don't collect the entire short sale package upfront from the seller. I know, sellers grumble and don't understand why they have to submit all of this stinkin' paperwork, especially since they probably already gave it to the bank before the bank rejected their loan modification. They also don't understand why they have to give it to me now when we don't even have an offer yet because the home isn't listed nor on the market.
The second thing some listing agents do is they don't call the bank or email the negotiator on a regular basis, at least once every 2 weeks and preferably once a week, to find out the status of the file. Has the BPO been ordered and completed? Is a negotiator even assigned to the file? Is there another layer through which the file must pass such as Fannie Mae or MI?
The third thing is the files are often submitted with incomplete documents or digital signatures. Sometimes you don't know which documents the bank might request because it's a special circumstance that requires the extra documents. I know some agents who don't even read their sellers' hardship letter. I read them. If I spot something that requires documentation, I ask for it before the lender asks for it.
If you're thinking about buying a short sale in Sacramento, ask your agent to find out if the listing agent has a complete short sale package from the seller. More important, ask when the offer, HUD and short sale package will be sent to the sellers' bank. If the answer is vague, like sometime next week or they don't know, you might want to think twice about buying that short sale.
I strive to submit all packages the same day or worst case scenario, by the 3rd day. Within 72 hours. That's why my Sacramento short sales don't take forever and a day to close. My sellers and buyers have better things to do with their lives than wait around for their file to be submitted to the bank. Their files are not just a number to me and my team. The clock is tickin'.