La Quinta California Real Estate

I have a short sale in process with Bank of America for about 3 months on Equator. We have a high price offer on the house. The buyer is on board. It is all moving smoothly------ than yesterday, we get an email out of the blue that the file has been closed due to insufficient offer.

I called the negotiator, customer service, and two different supervisors. i asked how this could happen that they would close the file before we even get a counter offer on Equator. Of course none of them could answer this. They suggested I resubmit the offer and start over. How silly is this.

I am tired of working for free. Maybe I will get a different negotiator that does make such an error. I can live with errors, but let's fix errors, not start over.

There is no concrete answer about how long it takes to process a short sale. It can take as short as a few weeks. It can take as long as a year.

Here is a basic timeline.

Offer is accepted and paperwork is submitted to the bank. The paperwork is the purchase agreement, listing agent mini appraisal, hardship letter, financial statement, listing agreement, 2 months bank statements, 2 pay stubs, and 2 years tax returns.

It usually takes the bank about 1 week to get it into the system.

Week 2 a Broker Price Opinion is scheduled.

Week 4 the Broker Price opinion is back at the bank and in their system.

Week 5 the file is reviewed and subbmitted for an assignment to a negotiator.

Week 6 - the negotiator reviews the file and submits to investor.

Investor has 30 days to review the file

Week 10 - Offer from bank is submitted to listing agent for buyer.

Week - 11 approval letter is received from bank

45 days more to close.

This process is the best case scenario and you ar looking at 4-6 months.

Once an offer is denied or the buyer cancels and the offer goes through again, it usually moves faster.

Patience is needed as a short sale buyer, seller, or realtor. I tell people you get paid to wait by getting a nice home at a low price.

Are you no longer interested in retaining your home?

Are you unable to make your mortgage payment?

Do you have a legitimate hardship?

Are you unable to qualify for a loan modification?

A short sale is a cooperative process with the bank ( no foreclosure sale or eviction) that allows the borrower to retain some cntrol and dignity throughout the process.

I have experience with closing several hundred short sales. Please call me with no obligation to have yoour questions answered and to start the process now.

I am a real estate broker associate in La Quinta, California. We are still seeing alot of home owners that owe way more than their home is worth. They want lower house payments to keep their home.

Here are some options -

1. Call the bank to do a loan modification.

2. A short sale is another option, but then you have to move out of your home and probably cannot buy another home for at least 3 years.

3. Foreclosure is another option.

No one wants to lose their home, but in these times many people have nooption. Through no fault of their own it is necessary for many people.

I hope it only takes one time to sell a short sale listing before it closes. Unfortunately, all too often it takes -2 or 3 or 4 or 5 or even more times of selling a house on a short sale before the house closes. There are many reasons for having to resell the house.

The main reason is that the buyer gets tired of waiting for bank approval and does not perform once the offer is finally accepted.

Also, many times the bank wants more money for the home than the market will bear.

Sometimes the home inspection nixes the deal.

Sometimes the buyer's loan falls through.

Sometimes there are IRS liens or other liens on the homes that further delay or prevent the short sale.

For these and other reasons too, it may take many times of selling a home, before the home actually closes escrow.

I am a short sale expert. Over the past 4 years I have successfully closed over 400 short sales. I have a 95%+ close rate on my short sale listings.

Do you owe more than your home is worth? Do you want to get rid of stress and worry about your home loan? Do you want financial freedom in your life?

If you want to short sale your home, please call me now to get started. I can help you at no out of pocket cost to you. Within 3-6 months, you may be free of your loan and regain your financial freedom.

The solution is completed with minimal hassle to you. I am here for you 7 days a week and also have attorneys and accountants to advise you of your legal rights at no cost to you.

Lori Bowers

Intero Real Estate Service

ph:760-831-1595

email:tedlori@yahoo.com

There are many reasons to sell your home as a short sale. Here are a few -

1. The loan is higher than the home is worth

2. There is a hardship by the seller - loss of income and/or employment, divorce, health issues

3. Less impact to credit than foreclosure

4. The process can move more smoothly and sometimes quicker

5. Sometimes you get HAFA money to move on

These are some reasons to do a short sale

There are many reasons I feel I am a short sale expert.

1. I have listed, sold, and closed over 200 short sales in the past three years in the Palm Springs area of California.

2. I have over a 95% close rate on the short sales I process.

3. The Lori Bowers Group process the short sales ourselves.

4. We have attorneys and accountants and financial advisers that our client can consult for free for tax and legal input.

5. We support our clients as they go through the emotions of a short sale.

6. We are known by the agents and clients in our area s 'the short sale experts.'

7. Because we process so many short sales, we are efficient, diligent , excellent negotiators with the bank and get results.

I you have questions on short sales or would like to short sale a home in the Palm Spring area, I am the short sale expert for you.

There is no black and white answer on how long it takes to short sale your house. The short sale process is moving way faster than even a few months ago. For the first time ever, banks seem to be encouraging short sales over foreclosures in most cases. Here is a sample of how long it may take to short sale your home. It may short or longer, but at least this is an idea.

day 1 - you list the home for sale and provide your real estate agent with permission to talk to the bank on your behalf and also the financial information requested by the bank

day 2 - information is presented to the bank online or by fax

day 2-5 bank enters the information into their system

day 5-8 bank reviews the information and orders a bpo on complete file

days 8-15 - bpo is completed and presented to the bank ( a bpo is a mini appraisal usually done by another real estate agent)

day 15- 18 - file is completed and sent to negotiator who forwards the file to the investor

day 18-38 - investor reviews the file

day 38-58 - offer is presented to the buyer and negotiated between the agent and the seller and the buyer and the bank

day 58-78 - approval letter comes from the bank

day 78-110 - escrow and closing unless the buyer backs out and the whole process starts again.

Durning this process the real estate agent stays in constant contact with the bank and the negotiator.

I have completed over 200 short sales in the past 3 years.  Here are a few guildelines to see if you qualify for a short sale. There are no 100% rules, but with a good real estate agent to help and the proper documentation, your chances of completing a short sale if you qualify are very good.

1. You owe more than your home is worth

2. You have a legitimate hardship - loss of income, loss of job, illness, divorce, relocation

3. You do not have have alot of assets

4. Your tax returns for the last 2 years do not show alot of profit

These are a few basic guidelines to get an idea upfrint if you qualify for a short sale.

Please call me for a FREE no obligation analysis of your personal situation.