I'm certain that if the legislature let real estate brokerages do their job at the pace brokers are used to, and lenders keep up, we got a solution.
The California Senate passed SB306 in September. TriCity Real Estate Brokers, Inc. has a quick 4 minute slidecast on where shortsales came from and where they took us. NOW, we will really see some changes.
In short, this means the Short Sale processes just got quicker.
Check this out:
- Lenders or Service Companies must either deny a short sale offer in 4 days from receiving the offer or it is assumed to be “accepted.”
- Lenders and Service Companies doing business in the State of California are mandated to respond to a Short Sale offer in 21 days.
We recently had one short sale on the board for 4 months. The would-be buyer walked away from the transaction and left it high and dry. We found another buyer, but--here we go again. With the new law passed, I am checking with legal to see if we can get this approved. By Jeff Pereyda