Wondering how long it usually takes to close a Temecula CA short sale?
The fact is the time from start to approval on a short sale has NOT been getting any shorter as many lenders have promised.
It still takes about 90 days for approval. Your lender and our government have put many systems and incentives in place to help you avoid foreclosure. But even with their promises of quicker approval times, its just not happening.
One of the biggest issues is closing the short sale. Once you have your short sale approved, your lender will give you 30 days to close. This should now be the easy part.
You have your short sale in Temecula approved and then we close, right? Wrong!
Once you have the approval letter in hand a copy needs to go out to the buyers agent. The buyer has been waiting 90 days for this short sale approval letter.
Now they have 30 days to close and have to scramble to get the appraisal, inspections and final loan approval. This is were many short sales blow up! If your short sale fails due to the buyer, it's a redo - no matter what your lender says, expect a 30 day delay to get back to approval.
You have to get a new approval letter as when the lender issues a short sale approval letter. This that letter is buyer specific. It has the buyer's name in the body of the approval. You can not just move on to a backup buyer.
How long will it take to complete your Temecula short sale?
I quote 4 months. 90 days to get approved and 30 days to close if your buyer does not fail to perform. That's a whole other short sale subject.
Find out more about the short sale process by visiting my website: http://Realty-World.net/Short-Sale-Agents
Know all the facts and do not just let your home be sold via a Temecula foreclosure. You have options. Have a Temecula short sale specialist working by your side, call me, Sidney Kutchuk at 951-217-6745 today!