Oh Happy Days!!! Will you start learning about short sales now?
This is the section of the recently passed California SB 306 law. This new law creates opportuinty to the way short sales will now be done in California…
Here is the shortest version we decided would be best for our readers: we read this over and over, and this is our interpretation of the bill, please seek advice of an attorney if you want a better understanding. Our attrorney advised me to write that. hahaha
1) Once a short sale offer is submitted the lender would have 21 days to accept, reject or deny the offer. Understand, this means that the short sale package has to be submitted correctly, and most importantly a 100% complete package.
2) A Short Sale offer is submitted with a HUD the lenders/ servicers have 4 days to reply to the offer.
3) The lender will have to submit all responses in a formal written notice.
The fact of the matter is that, short sales (in California) are about to get a lot easier, close faster, and your going to make more money.
Agents if you are not doing Short Sales….why the heck not! We have a proven system to help you with your short sales. Please call us directly at the office 323-456-1923 or email us at customerservice@creativeacquisitions.com
{ 4 comments… read them below or add one }
How does that get regulated with lenders all over the country? Will they abide by California’s law and how will they be educated on that? If the lender or servicer is based in California will they follow those same rules for your neighbors in Arizona? Wouldn’t that be sweet!!?
As a short sale expert in the East San Gabriel Valley and Inland Empire regions of Southern California, this is great news to several home owners that are looking for a fast resolution to their short pay request from their lenders! No longer will sellers have to wait 3-12 months for Lenders to make a decision or even worse not make a decision to approve the short sale and lose their homes to foreclosure! This is a great opportunity to helping distressed homeowners avoid foreclosure. We look forward to helping your dispose of this burden and get you back on the road to recovery.
Hector Aguilar
The ALMA Real Estate Group
Direct 626-255-2783
email: info@HectorSellsHomes.com
Bernie this is going to be great for everyone in the industry, I just got the email on this subject from CAR and I am excited!
What are the Tax consequences of a short-sale? (I am under the impression that it’s not as easy as people think to be “free and clear” )
Yes, we would have a lovely low rent payment for 2 years after our short-sale (until we can buy again) but what legal rights does our second have to “pursue” us for the unpaid balance and what about the IRS? These are crutial questions for everyone to consider.