Aurora Short Sale Success

HAFA Short Sale eligibility helped this Aurora short sale get approved quickly.  Like many short sales, this one was sold originally to an impatient buyer who just couldn't wait another week for the bank approval, but was then sold to a buyer who received the approval within weeks of contract.  Again, HAFA helped.

I can't tell you how many times that same scenario has happened in 2011.  To counter that, we've started requiring a longer short sale timeline for approval in the contract.  Too often I get contracts with a 30 day timeline for the bank to approve the sale......that's just a waste of 30 days.  80 - 90 days is more realistic, and often the buyers will still need to extend another 20 days.  That's just part of purchasing a short sale in today's Jacksonville real estate market.

Aurora has been interesting to deal with.  They usually take about 90 days for an approval, but then have to submit the short sale to the actual investor, Freddie or Fannie typically.  If the home owner was approved for HAFA, it can go much quicker as in this case.

Posted by Brad Officer on
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