Everyone in the Santa Maria and Lompoc housing marlet is talking about short sales these days. They love them, they hate them, they love to hate them, they. . . well you get the picture. There are a lot of opinions on them. One thing is for sure, if you are a short sale seller you should work with an experienced agent and obtain legal and tax advice before entering into a short sale arrangement. Short sales have significant financial, legal, tax, and credit consequences.
Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!
I just received short sale approval from Wells Fargo in 26 days! It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box. So much is written about the bad short sales – the ones that drag on for months at a time – that I thought I should remind potential short sale sellers that not every short sale takes forever to be approved. Many are approved in 30 – 45 days, and some lenders are even encouraging their distressed borrowers to apply for a short sale.
It should be noted that there are many factors that can affect how long your short sale will take to process, and, of course, short sale approval is not guaranteed. That said, submitting a complete or near complete application at the outset will speed processing time. For example, Wells Fargo Home Mortgage has forms that are specific to Wells Fargo that must be used in their short sale application package. Including these forms at the beginning can improve processing time. Also, promptly responding to requests for additional documentation and following up with calls to the lender can also play an important role. An experienced short sale agent can help you put together a complete (and persuasive) short sale package.
If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced and diligent short sale agent to guide you through this process. There are many pitfalls that can be avoided with the right upfront advice. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties 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.
Copyright© 2011 Tni LeBlanc * Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!*