Rumor has it that time frames for a short sale will soon be reduced. As a Temecula short sale expert I keep hearing from major lenders and even our government that they are working, even mandating that the inventory & time to complete a short sale must be reduced.
Two years ago it was the US Treasury HAFA short sale program that was going to streamline the short sale process. HAFA made some welcome changes but did NOT result in reduced time frames. This year we are now being told that new Federal rules could speed up the the short sale process. The key word being could.
Here is the line were being fed....
Homeowners can expect a response from their bank on a short-sale offers within 30 business days, with a final decision taking no more than 60 days, if their loan is owned by Fannie Mae or Freddie Mac.
All in all I do expect some progress but I am skeptical that banks and servicers will be able to reform their staffing practices to achieve this — even if penalties are imposed. But this is a good sign and I do feel some time will be shaved off most short sales. Currently I quote my Temecula short sale clients 90 days as the average time to get their short sale approval letters.
Some of the complications inherent in short sales are beyond the control of regulators or banks, or servicers. Buyer's putting in multiple offers, and or changing their minds force seller's and Realtors to come up with replacement buyers.
Short sales continue to provide Temecula and Murrieta homeowner a option to foreclosure.
If your thinking "is a short sale a solution for me" let me show your the facts. I offer my services at no out of pocket costs to you. My direct line is 951-215-6745
By Sidney Kutchuk - Realty Works Temecula broker & Certified Short Sale Specialist.