Some Lenders Streamline the Short Sale Approval Process!
Its true! Short sales can be frustrating, difficult, require mounds of paper and followup, and take months for approval. However, we've seen a definate trend with lenders understanding the problem of reduced property values, and making strides to streamline the process. In fact, some lenders have begun pilot programs where the main requirement for approval is that your property value is less than the current mortgage balance(s).
We have recently become aware of a few lenders who will approve a short sale in just a few weeks, not require mountains of paper and will approve the short sale based only on the mortgage balance/market value difference. Lenders processes are changing all the time with an effort toward streamlining their systems, and that is great news for those of us in Western Pinal County in Arizona. Call or email us today to find out if YOUR lender is one of the forward thinking ones who are approving short sales faster and without the hardship or payment delinquency requirements.
Unfortunately, many short sales can take 2 to 4 months for approval and closing, which means it is even more important to get your home on the market now so that the potential buyer has enough to time close escrow before the expanded first time homebuyer and repeat homebuyer tax credit deadlines become an issue. There is a great misconception that listing your home during the holiday months of Nov and Dec is a waste of time. Nothing could be further from the truth, especially with the expanded home buyer tax credit!
The new laws require a signed purchase contract before the end of April 2010 with closing occurring before the end of June 1020. If you think that you may be a good candidate for a short sale, get your home on the market with a broker who is highly experienced with successful short sales as soon as possible! As CDPE's (Certified Distressed Property Experts) we understand the process needed to stop the foreclosure action by your lender. Wouldn't be nice to know your family could enjoy the holidays without worrying about a possible foreclosure?
If you own a home in Western Pinal County from Maricopa to Casa Grande, Arizona City to Coolidge, Robson Ranch in Eloy or anywhere in the Casa Grande Valley, we are here to help you. We can help you explore your options, avoid foreclosure and help you get a fresh start. Members of the Yost Realty Group at RE/MAX Casa Grande understand the frustration you are experiencing with your lender and are here to help.