No Delay for Orange County Short Sale Listings. New Fed Rules!

By
Real Estate Broker Owner with Bristar Realty, Realtor/Attorney, OC Home Sales Pro

Lenders are notorious for foot-dragging shorts sales in Orange County, California, but new rules are emerging to shorten and simplify the short sale process. Orange County California Short Sale Ladder of Progress

As of April, 2012, however, these new federal rules shorten the time to process short sales:

1. Lenders must act within 30 days;  

2. Lenders must make a final decision within 60 days, and

3. Lenders must provide weekly updates for offers after 30 days.

 

In a traditional equity sale, home value is greater than its outstanding loans. But when outstanding loans exceed property value, the result is a short sale. Unlike the standard sale, a short sale requires lender approval and can stretch-out the process. In 2011, short sales in Orange County averaged over five months.

 

Many homeowners cease making payments during the short sale process. Expediting the sale benefits everyone. The process will no longer tax the patience of buyers, and homeowners will save thousands in carrying costs.

 

For Orange County short sales, these are the most promising changes we've seen in awhile!

 

by:  Brian L. Sirota, Esq.

Posted by
  • Brian L.  Sirota, Esq.  
  • Broker/Realtor/Attorney
  • BRISTAR REALTY
  • Orange County, California 
  • (877) 641-6964  
  • (714) 501-7660
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
California Orange County
Groups:
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Short Sales Specialists
Orange County Real Estate
Power of Activerain
Short Sale REALTORS®
Tags:
lender requirements
deedinlieu
renters
new rules
federal guidelines
foreclosure
orange county short sales

Comments 12 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
652,563
Debb Janes
Realtor, Camas, Washington EcoBroker
The Carl Group, LLC

I didn't see this before today either - 5/12/2012. Are you flying under the  radar? :) I'm happy with the new regulations too - anything to expedite the process helps all of us - buyers, sellers, agents (lawyers) and the banks. Glad Chase is stepping up...

May 12, 2012 08:41 AM
Rainer
378,955
Brian L. Sirota
J.D. OC Home Sale Pro (877) 641-6964; (714) 501-76
Bristar Realty, Realtor/Attorney, OC Home Sales Pro

Hiya Debb,  I am indeed flying low to the ground.   It avoids the radar, but the trees are murder!

May 12, 2012 09:58 AM
Rainmaker
520,677
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
The Little REALTOR® That Could
Keller Williams Realty

Brian,

A BIG SUGGEST!

Thank you for providing us with the newest information from the Feds. If there were more attorneys like you, oh what a wonderful world this would be!

Patricia

May 21, 2012 04:24 PM
Rainer
378,955
Brian L. Sirota
J.D. OC Home Sale Pro (877) 641-6964; (714) 501-76
Bristar Realty, Realtor/Attorney, OC Home Sales Pro

Patricia, that's a big *blush*   Thank you forr the suggest.  Brian

May 22, 2012 08:06 AM
Rainmaker
404,680
Ellen Caruso
Daniel Gale Sotheby's International Realty

Brian,

I'm hoping the first accepted offer on a short sale I'm interested walks....then my offer steps up and we can move on. Deals seem to linger and loose lust.

Thanks for stopping by my blog and being such a great Support to Anna. Now we are connected as fiends too!

May 27, 2012 07:11 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
378,955

Brian L. Sirota

J.D. OC Home Sale Pro (877) 641-6964; (714) 501-76
Ask Your TOUGHEST Question!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Attorney/Realtor Real Estate Vibes & Views Out and About Orange County, California (cell) 714- 501-7660