When Is a Short Sale Not Very Short?
There is nothing short about a short sale! Just had one 40 days ducks in a row, but foreclosure auction set for 4/27. Called Bank of American, begged on equator, begged with REDC call B of A Foreclosure attorney... no luck. Had it under contract for $60,000 which would had paid about 95% of the lien. I bet it sells as an REO for $45,000.
How dumb is that????
As a Long Beach Realtor® I have been dealing with short sales for both buyers and sellers since 1995 and to this day, I am never surprised as to the confusion this term brings up.
When is a short sale not very short? I would have to say … most of the time; however because of a new federal policy change which is to go into affect starting in June … it is reported that short sales are about to become easier to finalize and close.
If the homeowner’s lender is owned by Fannie Mae and Freddie Mac, the game plan is that the existing lender/servicer has 30 business days to respond to the prospective buyer’s offer with a final decision taking no more than 60 days. This is opposed to the way things stand now where most buyers shy away from looking at short sales because they are NOT VERY SHORT!
There was an article in last Sunday’s Los Angeles Times which spells out more information about this subject … so if you are thinking that a short sale may be an answer for you … let me know and I can go over all this with you.
Before you click off to another website, check out my video which can shed a little more light on the situation …
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