Hi All -

Long time for me since I've posted but short sales are starting to percolate again as expected.  After all the negative equity is still there right?

Anyway, I received an approval on a HAFA Wells deal.   I asked for an extension right away to meet the 45 days in the contract and the negotiator shot back that California state law only allows a 30 day short sale approval?  Huh?  What did I miss?  I am going to ask him for the statute... but I anticipate that going nowhere fast and I thought one of the superstars could point me to a resource. 

Did I mis something here?


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Never heard of this and we process a large volume of short sales in California. The bank likely will not entertain an extension on an approval letter until the issued letter is about to expire. You should be able to request an extension to close prior to your approval letter expiring. We receive extensions past the 30 day closing mark regularly with Wells Fargo.

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A law had been passed awhile back that said short sale approvals had to be a MINIMUM of 30 days...I think your person is a little confused.  (Gee, THAT never happens...)

I get approvals all the time for 45 days, sometimes even more.





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