Sentences with phrase «approving short sale transactions»
If a borrower has not obtained an approved short sale transaction at the end of any marketing or listing period, a servicer may determine that a borrower has failed to perform under an agreement on a loss mitigation option.
https://www.fdic.gov/
An approved short sale transaction is a short sale transaction that has been approved by all relevant parties, including the servicer, other affected lienholders, or insurers, if applicable, and the servicer has received proof of funds or financing, unless circumstances otherwise indicate that an approved short sale transaction is not likely to occur.
Not exact matches
When you attempt a short sale, you'll need the lender to approve the transaction.
The process can take two to three months, but as the short sale broker for the transaction, VA Home Loan Centers will continually communicate with you and the lender to ensure that they have everything they need to approve the sale.
From a buyers perspective it is pretty easy to understand the frustrations of some short sale transactions most notably the extra time it usually takes to get one approved compared to a traditional sale.
«More must be done to streamline short sale transactions, since many potential home buyers are simply choosing to walk away from transactions due to the length of time it takes for lenders to approve and complete these sales.»
Many real estate professionals have made the mistake of taking a listing and marketing it as a short sale only to find out later that the investor will not approve the transaction due to the seller not having a valid financial hardship.