How Long Does It Take To Get a Short Sale Approved?
Jan 28th, 2008 | By cboatright | Category: Short Sale News, Short Sale Questions
How Long Does It Take For a Short Sale to Get Approved?
There isn’t an exact time frame to get an approval for a short sale granted. However most lenders promote it can take a minimum of 21 days AFTER they receive a complete short sale package to review it for approval.
It isn’t uncommon for lenders to be backed up in dealing with borrowers either in foreclosure or late on their payments. This will cause a backlog and bottleneck the approval process delaying it for days, weeks or sometimes months at a time. This is also the case if the borrower has filed for a bankruptcy. The lender isn’t allowed to pursue the borrower for debt repayment during a bankruptcy.
The number one reason a short sale is delayed is due to the borrower not providing all the information the lender requests to process a short sale request. The file will set abandoned until all the documents are received. This is another reason why many Loss Mitigation representatives are responsible for handling 200 or more files a month EACH. Borrowers submit incomplete packets and the loss mitigators put their file at the bottom of the pile.
One way to virtually guarantee you submit a completed short sale package is by investing in Short Sale Fundamentals Home Study Course. The course not only goes into detail on every document needed to submit a correct and complete short sale package. It provides every document and examples of how each one is filled-out. The course also includes Lender Specific short sale packages (some found online others are NOT) so you get a head start on completing the package for the lender.
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I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Allen Taylor
I found your site on google blog search and read a few of your other posts. Keep up the good work. Just added your RSS feed to my feed reader. Look forward to reading more from you.
- Jason.
Allen and Jason,
I’m in Cory’s area (Oklahoma City metro). He has a great willingness to help people get started in real estate investing. Cory’s negotiating short sales for some of the people I work with and is in this business every day.
Are you guys in the OKC metro? Maybe we should have lunch. Give me a call at five o one o six seven six.