Once all approvals have been received from all lien holders, my team will review all approvals and submit them to escrow and agents. The approval letters will have an expiration deadline that the file must fund by. When you receive the approvals, please order the inspection (if buyers did not waive inspection) and appraisal.
Once the lenders issue the approvals there can be no changes to the HUD, or the lenders ALL have to re-approve the new numbers and issue a new approval. This is also true for a change in buyers. Expect further delays if either the numbers on the HUD change, or if the buyers decide not to proceed with the short sale.
The escrow officer will schedule a time for signing after the buyer’s loan documents have been received. Signings need to occur no later than 3 business days prior to the approval expiration date to allow enough time for the lenders to receive the final HUD and accept the wire.
Nick.
Monday, January 5, 2009
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About Nick Shivers
- Nick Shivers
- Lake Oswego, Oregon, United States
- Short sales, foreclosure, and distressed properties specialist, operating out of Oregon, but working with Realtors nation-wide.
Blog Archive
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2009
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January
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- Short Sale Document Checklist
- The Short Sales Process: Illustrated
- The Short Sale Process, Step 1: The Listing
- Instructions: Submitting Offers on Short Sales (ha...
- Short Sales Documents
- Short Sale: Estimated Time Lines
- The Short Sale Process: The Offer
- The Short Sale Process: Negotiation
- The Short Sale Process: The Demand / Approval Lett...
- Who's Who in the Short Sale Process
- Short Sales: Frequently Asked Questions (FAQ)
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January
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