Evaluating if you have enough time to short

How do you evaluate whether or not you have enough time to complete a short sale?

For example... if a Seller calls you and the sale date is within 2 weeks, 4 weeks... whatever.  At what point do you decide if it is worth your time to go through the motions?

I have a seller whose sale date is in 3 weeks.  It is not an FHA loan, nor is it backed by FNMA... so there goes some of the options where the sale date might be postponed sooner than later.

Looks like we may have to go the traditional route.  The property is also not in a very saleable area, so I am concerned that 3 weeks might not be enough time for paperwork, listing, negotiating, collecting, submitting and requesting a f/c sale date postponement all within the necessary time frame.

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Permalink Reply by Kevin - Greenville, SC on June 20, 2013 at 10:37am

Do they meet basic HAFA eligibility?  Have they been reviewed for HAMP?

Permalink Reply by Drew Ludlow on June 22, 2013 at 2:26am

I have the file being reviewed by HAFA now.  they have tried the HAMP route which is how they ended up considering a short sale as recommended by the lender.

I thought HAFA was declined if the sale date was within 30 days.

I suppose I have always been lucky that my sale dates are usually way into the future, so I have never really had to request a postponement except in cases where I already have a negotiator.  In the rare other cases that I have tried, I've been told it can only be postponed with a valid offer, and after submission and processing of that offer.

Any tips on requesting a postponement?  I am in NC where the court system is not as consumer friendly.

Permalink Reply by Wayne Brooks on June 21, 2013 at 3:12am

Partly, it depends on the court attitudes in your area.  Here in south Fl, as long as we present a purchase contract, and evidence of a submitted SS package, we can generally get a sale postponement for 90 days or so from the courts without the bank's cooperation.

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