What takes short sales so long to close in Sacramento? That's what buyers want to know. I can tell you what part of the problem is and you're looking at her. OK, not me, personally, but some other Sacramento short sale agent. It's the listing agents who can hold up the short sale process and cause delays.
Short sale listing agents who screw up do 3 major things wrong. The first thing is they don't collect the entire short sale package upfront from the seller. I know, sellers grumble and don't understand why they have to submit all of this stinkin' paperwork, especially since they probably already gave it to the bank before the bank rejected their loan modification. They also don't understand why they have to give it to me now when we don't even have an offer yet because the home isn't listed nor on the market.
The second thing some listing agents do is they don't call the bank or email the negotiator on a regular basis, at least once every 2 weeks and preferably once a week, to find out the status of the file. Has the BPO been ordered and completed? Is a negotiator even assigned to the file? Is there another layer through which the file must pass such as Fannie Mae or MI?
The third thing is the files are often submitted with incomplete documents or digital signatures. Sometimes you don't know which documents the bank might request because it's a special circumstance that requires the extra documents. I know some agents who don't even read their sellers' hardship letter. I read them. If I spot something that requires documentation, I ask for it before the lender asks for it.
If you're thinking about buying a short sale in Sacramento, ask your agent to find out if the listing agent has a complete short sale package from the seller. More important, ask when the offer, HUD and short sale package will be sent to the sellers' bank. If the answer is vague, like sometime next week or they don't know, you might want to think twice about buying that short sale.
I strive to submit all packages the same day or worst case scenario, by the 3rd day. Within 72 hours. That's why my Sacramento short sales don't take forever and a day to close. My sellers and buyers have better things to do with their lives than wait around for their file to be submitted to the bank. Their files are not just a number to me and my team. The clock is tickin'.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
