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I Heard I Can Live Up To A Year For Free During An Arizona Short Sale

by Charlie Allred

This originally was true in the beginning of the “Short Sale era” prior to this last 6 months. Not so anymore. With Obama launching the HAMP and HAFA programs over a year ago, many lenders have been gearing up staff, software, and streamlining the Short Sale process. The process used to be mind dumbing on the seller, agents, and buyer because unmistakenly the file would be lost somewhere between the secondary market investor, asset manager, or loss mitigation department. The next step required many weeks to find the data and process the short sale package (lol.this was just the first steps). Another 60-90 days to contact the end investor who holds the paper just to accept, counter, or reject the purchase contract offer, and 30 days to line up the new buyer’s financing. I just closed a short sale that I listed in July 2009 and it successfully closed on April 30, 2010. It should have been short and sweet but the asset manager never returned calls and never responded to my emails for 4 months. Thank you much WAMU!! Another Short Sale was listed in August 2009 and we presented over 10 different offers to Wells Fargo who then approved it for closing in the end of July 2010. Some transactions are quick but others fall through the cracks. Please prepare for a quick short sale process and be suprised if it allows you more time in your home. We would love to give you a honest timeline for closing the transaction but many variables may come into play due to your lender. According to many realtors in the area, a lender such as Bank of America, was notorious for taking over a year to close a short sale. The timeline has now been streamlined due to the transaction management platform, “Equator”. Transactions are now moving smoother thru the process to close within 90-120 days typically. If you decide to follow the option of “Short selling “your house, please make sure you choose a knowledgeable agent skilled in short sales.

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