Thanks for joining me today; I’m Jeff Reyes with The Jeff Real Estate Team. We are one of the leading real estate and short sale teams in the Central Valley and East Bay area and are here to serve you.
Recently, we have been covering the short sale timeline and today I would like to continue on with the fourth step in the short sale process, obtaining the short sale approval from the lender. The amount of time from when the paperwork and offer is submitted to the lien holder until we get the short sale approval can be anywhere from 7-10 days up to 90 days, depending on the bank. Typically it’s somewhere in the middle, usually around 30-40 days. The reason why getting an approval takes so long is because there are a lot of people and processes that are involved. The time period of doing a short sale has shrunk down in the past few years, so things are definitely getting a lot better in regards to processing the short sale transactions and getting them done sooner.
Once the approval comes, we sit down with you and talk to your attorney and a tax accountant to figure out what the implications are going to be for your taxes and what the legal ramifications will be. After we get the short sale approval and we’ve consulted with your attorney and tax accountant, if you decide that doing a short sale isn’t in your best interest, we can stop the whole process right then and there.
Our goal at The Jeff Real Estate Team is to help you avoid foreclosure and ensure that no money comes out of your pocket. Please give us a call today if you would like any information regarding short selling your home or if you would like to discuss your specific situation.
Related info:
- The Jeff Team Discusses A Lender Reaching Out To Borrower Regarding Foreclosure
- Bank of America – Five Tips For Home Loan Modification Approval
- The Second Step In The Short Sale Process: Contacting The Lien Holder
- The First Step In The Short Sale Process
- Entering Into A Sales Contract: The Third Step In A Short Sale
About Jeff Green
Jeff listed and sold his first short sale in early 2006 at the beginning of the Real Estate Recession. While other agents rejected short sales because of their complexity and the work involved to successfully complete them, Jeff embraced them as a rewarding way to help home owners who were facing difficult times.
About Jeff Reyes
Jeff Reyes has been a REALTOR since 2009. In just six short months from starting his real estate career, he dominated the local internet traffic for short sales and started writing a weekly real estate article for the local newspaper. It is Jeff's passion to inform and equip the local community to be able to make smart real estate decisions. Outside of real estate, Jeff's major passions are vacations and his family.
