Santa Maria Short Sale Alert: What is an Approved Short Sale?

Santa Maria Short Sale Information Alert

       

What is an approved short sale?

An “approved” short sale is a short sale where the short sale lender has already communicated to the seller what they will accept as an offer for the property.  The approval can be verbal or written, and of course, written approval is preferable.  As a seller, if your short sale is “approved” you know what your target price is from a buyer.  The HAFA program has its advantages for Santa Maria short sale sellers because it can provide you with the bottom line that the bank will accept before even listing your Santa Maria home.  As a buyer, approved short sales offer an advantage because they can often close quickly as opposed to other short sales which must still go through the process of approval with the bank.

Questions about short sales?  Contact Mint Properties today at (805) 878-9879 or visit my website: www.SantaMariaShortSales.com

Santa Maria Real Estate Blog

In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.

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What Happens if the Short Sale Does Not Appraise?

It depends. This is definitely a difficult situation for both the buyer and the seller, usually because appraisals are not ordered and completed until after the short sale approval has been received. Typically, the parties wait for weeks, if not months for the short sale approval, and once received the buyer begins their inspections and their lender orders the appraisal.

Is A Short Sale The Same As A Pre-Foreclosure?

No, a short sale is not the same as a pre-foreclosure. A pre-foreclosure home has begun the legal process of foreclosure in California. Typically, this means that a Notice of Default has been sent to the home owner and filed at the County Recorder’s Office. Notices of Default are a matter of public record, and as such it is relatively easy to determine if a Notice of Default has been served on the property owner. After three months, if the Notice of Default is not cured by the home owner, the lender can then file a Notice of Trustee’s Sale. During this time period, people will often refer to a home as a pre-foreclosure.

Two Loans with Bank of America and Short Sale Approval Received in 37 Days!

I have another short sale success story to report. Just last month, I received short sale approval on a file, with two Bank of America loans, only 37 days after the offer was presented via the Equator system. So, the fact that this was a short sale only added about one month to the total time it took to get an approval from Bank of America and close escrow. Both loans were processed concurrently through the Equator platform that Bank of America uses for its short sale processing.

#1 Agent in Number of Residential Sales Transactions (2016)
in Santa Maria (per CCRMLS)

$125 Million in Career Sales

REALTOR® of the Year (2014)
(voted by Santa Maria Association of REALTORS®)



Tni LeBlanc, REALTOR®, J.D.
Mint Properties
(805) 878-9879 (mobile/text)
Contact Us Online

Lic #01871795





Certified Military Housing Specialist

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