Welcome Home San Diego County

Home Sellers and Home Buyers -Arnold Signs Important Short Sale Bill

The California Senate has passed  SB306 …Expediting the Short Sale process

What this means to home owners and the Short Sale process.

1. Lenders or Service Companies must either Deny a Short Sale offer in 4 days from receiving the offer or it is assumed to be “accepted.”
2. Lenders and Service Companies  doing business in the State of California are mandated to respond to a Short Sale offer in 21 days.

Can this actually be true?  I can’t wait to try it on for size!

I will submitting a brand new short sale tomorrow and for the first time, I’m so excited to do so.

It will be interesting to see if the Lender complies with the bill.

The way I understand it is, if the Realtor is working with an escrow officer who has prepared a HUD1, and submits it with the offer, the Lenders or Service Companies must  deny the short sale offer with in 4 days of recieving it or it is assumed to be accepted.

Do you think this will send these lenders and loan servicers into a frantic tailspin?

I hope it doesn’t come back to bite us in the end by putting such pressure on them that they have no choice but to deny simply because they don’t have the man power to handle the masses of Short Sale requests they recieve daily.

Time will tell.  I will keep you updated on my progress with the new one I will be submitting tomorrow….stay tuned.