REBA counsels: Make sure your lender can perform in short sale or REO deals

Let’s face it — short sales & REOs are going to be with us for a while.

After waiting, sometimes months for lender approval, the buyer of a short sale is often required to close within a very tight timeframe. This can also be true of REO/bank foreclosures.

Not having a lender that can perform will place your transaction in jeopardy.

Buyers and buyer’s agents need to seek out quality lenders that can commit to closing within these timeframes (oftentimes seven to 10 days) of the short sale lender approval or execution of the REO contract.

In addition, the lender should provide the tools that assist in getting the offer accepted over the competition by providing full DU (desktop underwriting) approvals, accessibility for questions and overall exceptional customer service.

Don’t get caught at the end of your transaction with a lender that needs another 30 days to approve your loan. It’s a tough market — work only with lending professionals that have a thorough knowledge and understanding of short sales and REO transactions.

Contributed by the La Jolla Real Estate Broker’s Association, REBA,
Be sure to ask your agents if they are REBA members.

Related posts:

  1. La Jolla Real estate permits: May 16-20
  2. La Jolla’s Team Chodorow racks up another good year
  3. Prudential La Jolla welcomes Patrick Ahern
  4. La Jolla building permit applications Nov. 22-26
  5. La Jolla building permit applications Nov. 15-19

Short URL:

Posted by Staff on Aug 10, 2011. Filed under Real Estate Trends. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

1 Comment for “REBA counsels: Make sure your lender can perform in short sale or REO deals”

  1. Therefore, since Short Sales are encouraging 10 day closings – then the buyers are at the mercy of a lender that will charge them more junk fees, higher interest rates, and stick them with a long term unaffordable mortgage just to make the deal go through. This sounds a like like deja vue – isn't this what got us into trouble at the turn of the century?

Leave a Reply

La Jolla Community Calendar


Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

RSS North Coastal News

  • Congregation Beth Am Labor Day Picnic September 2, 2014
    Congregation Beth Am held a festive Labor Day Picnic Sept. 1. This year is the 31st anniversary of this synagogue that started in a tire store in Solana Beach. […]
  • Suspects attempt to rob Solana Beach bank ATM September 2, 2014
    An attempt to break into an ATM at a Solana Beach bank branch early Sept. 2 using a cutting torch ended with the cash machine in flames and two suspects fleeing empty-handed. The suspects set off the ATM's alarm during the failed heist shortly after 2:30 a.m. in the 600 block of Lomas Santa Fe Drive near Glencrest Drive, according to sheriff's Lt. […]
  • First phase of Earl Warren Middle School reconstruction begins in Solana Beach September 2, 2014
    As kids kicked back this summer, San Dieguito Union High School District kicked off the first phase of its complete reconstruction of Earl Warren Middle School. The $41 million project is made possible by the passage of Proposition AA. […]