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Elizabeth Weintraub

Timeframes for Short Sale Approval are Speedier

By January 4, 2013

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One of my personal gripes with the forms we use in California for a short sale is the forms don't give us enough time to get short sale approval.

I suspect the reason the time frame is so short is because the trade association that designed the forms doesn't want to alarm home buyers. They don't want to frighten them off by telling them it might take 60 or 90 days to get short sale approval. I say they should be upfront and honest about the waiting period for short sale approval.

If that short sale is an FHA short sale, for example, through Bank of America, why, a buyer could be waiting 6 to 12 months for short sale approval. But most short sale approvals are much faster today than they were 7 years ago.

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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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