Short Sales - The Long View

  What is a Short Sale - A "short sale" or "negotiated settlement" or "short pay" occurs when a Lender agrees to accept less than the amount owed as a payoff. If the property is worth less than the amount owed on the loan, then even if the Lender forecloses and takes back the property, they know they are going to take a loss. In Sonoma County and Santa Rosa Ca we are starting to see banks want to help the sellers of distressed properties.

HOW LONG WILL IT TAKE? The short sale negotiation process is a lengthy one. It may take 30 days or more to get an approval from the Lender to discount the loan. Many Lenders have several layers of bureaucracy, insurers and investors that have to approve the short sale. They are increasing their loss mitigation departments to deal with the substantial advancing increase in foreclosures, and each loss mitigator may be working on as many as 400 files. So it is important to be patient during this process. Typically, using an aggressive loss mitigation company to conduct the negotiations, a short sales will take 4-6 months from Notice of Default to final close to a new Santa Rosa Home buyer.

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