Sacramento short sales are getting quicker for approval! We just had a Sacramento short sale approved from the day we sumitted the offer in only 14 days. An approval letter is the final step of a short sale process in which the lender approves the sale of the property at a discounted payoff.
Here is the timeline:
We listed this Sacramento home for a distressed homeowner and within 10 days had 3 offers. Our seller selected one to accept and we started the Short Sale negotiations with NationStar Mortgage right away. We alway make sure that we have a complete short sale package to submit to the lender as this makes a huge difference in how long it takes to ge the short sale approved. The lender in this case was Nationstar Mortgage and the package is uploaded through the Equator system.
A BPO or Broker's Price Opinion was ordered right away by Nationstar Mortgage and it was back within a few days. At that point the negotiator reviewed the package along with the BPO and we received an approval letter from Nationstar! This process only took 14 days from the day we initiated the short sale in Equator!
We have 30 days to close escrow, so this entire process on this short sale will take less than 60 days! Some lenders have really sped up their negotiating time so short sales are definitely getting quicker approvals!
For more information on Sacramento short sales, check out these blogs -
Who is eligible for an Elk Grove short sale?
How much will a short sale cost me?
Short Sales - how long does the process take?
Can I do a short sale if I am not behind on my payments?
Or if you are struggling with your options and whether or not you should consider a short sale on your Sacramento home, call us today at (916) 405-5737 for a free consultation. Remember we are here to help!
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