Reno, NV -How long do the bank's have
to do a Short Sale.
The common knowledge among Realtors and buyers alike is that Short Sales take forever to do. I often talk to buyers who believe that banks take 5-6 months to accomplish a short sale.
Here is the issue. Banks do have responsibilities. In 80% of cases, the bank I negotiate with do not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.
In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.
In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.
If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.
I hold banks accountable on short sales. It is their job to handle the short sales quickly and competently. If they don’t do their job, then I let the people that own the loan know about it.
If you are thinking about Short Selling your home, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (775) 741-1717
Thanks for reading this, Rob E. Kirchner.
Rob E. is a Real Estate Agent at Dickson Realty. Reno Short Sales Realtor:
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Rob E. Kirchner, Dickson Realty, are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Kirchner's personal views and do not reflect the views of Dickson Realty.
This information on Reno Short Sales: is provided as a courtesy to our viewers to help them make informed decisions.