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.