March 15, 2012

The Problem with Short Sales: TIME

Category: Brooklyn Short Sales   By: Brooklyn Attorney @ 5:09 pm

The length of time it takes a lender to provide answers is a common problem stated by those who try to work with short sales. The lenders simply do not handle all of the requests as quickly as needed.

If a buyer has obtained a mortgage commitment for 30 days, it will probably expire before the short sale bank renders a decision. Now the buyer is faced with not only trying to get an extension on the mortgage, but also wondering how much longer they will need.

When the bank renders a payoff figure, it is usually good for a few weeks. If the buyer does not have a mortgage, the payoff figure may expire, causing the process to start all over again.

The larger issue however, is while all parties are working hard to complete this process in an attempt to proceed to the closing, the foreclosure clock is still ticking. It is only a matter of time until the seller is faced with the issue of a foreclosure proceeding.

To assist both my clients and real estate agents who are working with short sale transactions, I have created a guide providing beneficial information about short sales, in depth explanation of documentation required, and sample documents. If you are interested in receiving a copy of this guide, please visit my website and request a copy to be sent to you today!

If you have any questions, concerns or would like more information comment this post, email, or callĀ  (718) 377-7798 to speak with Michael Reinhardt.




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