California 21 Day Turn Around For Short Sales…Unfortunately NO

After a lengthy conversation with Senator Calderon’s Representative’s,  California Senate Bill 306 was explained to be of use for Escrow and Escrow Officers to be able to have direct access to lenders to obtain timely Short Sale Pay Offs.

Unfortunately, it is a complicated bill that has been misunderstood by politicians, attorneys and real estate brokers alike….maybe it’s wishful thinking as well as “legal jargon”.

After further discussion with author of the bill, there is momentum currently underway to expedite a bill that addresses the length of response time in securing a short sale pay off approval.

As we all know, a short sale can not be demanded of a lender.  This is a decision that must come from the investor.   Short Sales are obviously  becoming the preferred choice over a Foreclosure.  As lenders and legislation  work together  the short sale “process” will began to streamline.  As we have already seen with B of A/Countrywide’s online up and coming Short Sale processing.

Many other lenders, Wachovia leading the pack in short sale processing can actually approve a sale in less than 7 days!

In the meantime, we will continue to update the Short Sale community about the political movements to streamline the short sale process.

Regards,

Kris & Kim