Globella Buyers Realty > Resources > Short Sales > San Diego Short Sale Lender's Approval Options
San Diego Short Sale Lenders' Approval Options
Once a short sale lender has completely reviewed the San Diego short sale package, it has three options. These are the same three options that any normal seller would have when you submit an offer on a normal listing. The three options are:
1. Accept the Offer: If they accept it, you move forward with the purchase as usual and may be able to close within 20-60 days from this point. - See Also: The 11 Things You Need to Do Before You Remove Contingencies
2. Reject the offer: They may just say, "No, thanks."
3. Counter the offer: They may counter the price. They may ask the buyer to pay for extra closing costs. They may ask the buyer to pay for HOA dues or property taxes that the seller stopped paying months ago. Etc. Etc. They may say they will not pay for termite or other repairs.You name it, we've seen it.
Mentally prepare yourself for any of these responses, and be prepared for delays. Keep in mind that if a lender rejects an offer, you will have waited possibly for several months with no communication from the lender only to recieve a rejection. This can be highly disappointing to San Diego home buyers who have been patiently waiting for the bank's response on their "dream home."
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes a blog, "For San Diego Home Buyers."
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.
More about Justin Gramm on Google+.