Submitted the contract and approved in less than 24 hours!Most everyone who has considered buying a short sale thinks that there is nothing "short" about a short sale. This is not always the case!
Time frames for a short sale offer to be approved typically are measured in months not days. This was my fastest approval for my career. The offer was executed on Saturday, and submitted in over the weekend. By 5 pm on Monday, we had a written approval from Wells Fargo for the short sale to close within 30 days.
Wells Fargo home mortgage company has never worked this fast before! A lot of the credit has to go to the sellers who had applied for HAFA benefits well before the offer was submitted. They were approved for HAFA, and in fact are getting a moving credit too.
If you know someone that needs help with a home that has a mortgage for more than it's value, then a short sale should be seriously considered as an alternative to foreclosure.
I have noticed a big drop in the active inventory of short sales here in the Sarasota and Bradenton Real Estate market. I am hopeful that this is a sign of how things will go now that the major lenders like wells fargo, bank of america, chase, and fannie/freddie have the systems in place to get through all the files.
Also, with the recent slow down in listing inventory, I think that the stacks of files that have clogged the system will diminish.
If you need help from a short sale expert here in Manatee and Sarasota county, make sure to give me a call. Joe Murphy, Short sale expert for Sarasota / Bradenton.
COLDWELL BANKER RESIDENTIAL Real Estate
11215 SR 70 SUITE #105
Bradenton, FL 34202
JOSEPH MURPHY, P.A.