Friday, August 13, 2010

How to Speed Up Short Sales

You've finally gotten the short sale approval from the seller's lender, and they've given you 3 weeks to close. But the buyer's lender says they need 5 weeks to close.

How do you prevent this from happening? By being proactive.

Any good lender will get the loan file into underwriting as soon as a sales contract is signed. They won't wait until the short sale approval arrives. If things are done this way, the loan can already be approved except for the following:

-- Appraisal
-- Any necessary updates to income and assets (most recent pay stubs and bank statements)

If that's all that the underwriter needs to see to issue the final approval, 3 weeks should be plenty of time to close.

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