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Sunday, March 14, 2010

Murrieta Short Sale Time line.

Short Sale time lines in Murrieta have many factors.
The first factor is who is your lender and who is the investor. Yes who is the investor. If lets say you did your loan with Bank of America, you may think your loan is with Bank of America and that's it. NO, in most cases the bank is just the servicer of your loan and the investor will be another party like, Fannie Mae or Freddie Mac.So we are not working one on one when we as your agents are working a short sale.We most likely will be working with a servicer and this is just one of the many players we have in the short sale process.The other factor that you as a seller has, is complete control over who you hire as your agent. You need to have a agent that is a short sale specialist working for you.From start to finish a short sale should take 30 days or less, but that is not the case. Today most short sales are taking 60 to 90 days just to get to the approval stage.So don't go packing until your agent has the written approval from your lender. Once you have the written approval most short sales will then close in the next 30 days. This is a simple overview of time line I see as a short sale specialist.The good news is many banks are now under pressure to do short sales instead of foreclosure and the process is beginning to get better for you the seller who needs a short sale.