June 25, 2012- Short Sale Process Improved?

[chan85]

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2012/svc1207.pdf

So according to some digging I have been doing on short sales, there are some changes coming to the handling of short sales..... I was looking because the home I am going to look at this afternoon is a potential short sale and is through Chase so was just looking at peoples feedback on dealing with them.

Accoring to the link (not sure if I am breaking any rules by posting it but just wanted to reference it for those interested) , June 25th would be the effective date requireing 30 days response times for short sale offers and weekly feedback if there is a need to extend beyond the 30 days, but not to exceed 60 days. If I decide to make an offier, it sure would be nice for them to go ahead and start implementing this rule. :-) I mean, most lenders were rushing to implement the new collection limits for borrowers when they first came out a few months ago....

Any thoughts? I didnt see any mention of this when I was browsing through the forums so just wanted to touch on it...

[seemund]

I'm in a similar situation...

I've asked my LO yesterday about the changes, and he says that it will be a "paper only" change...

The way he explained it to me was: "It will take 30 days AFTER the bank receives the entire offer package, but what usually takes a long time is to GET the package together..." It will depend on the speed of lawyer, how qualified the owner is for the short sale, etc...

Bottom Line: He told me min. 3 months

[chan85]

Wow. So basically nothing will change.....

[seemund]

That's exactly what my Realtor/LO told me.

"It will change on the paper, in reality it will be almost the same"