Wednesday, September 21, 2011

How the short sale at 2012 W. Verdugo in Burbank is going

We are now two months into the short sale process on 2012 W. Verdugo in Burbank and maybe, just maybe, we're getting close to approval.  The short sale package, including an accepted offer, went to both BofA (1st lender) and Chase (2nd lender) in late July.  Subsequently, the banks put my seller through several paperwork hoops.  They also had a full appraisal done about 3 weeks ago.  Usually, banks have just had a Realtor (not the listing agent) do a broker price opinion, but I'm told that more and more frequently they are ordering appraisals now.

At any rate, the banks finished their collection processes a couple of weeks ago and submitted the packages to their investors for approval.  I'm hoping we'll hear something this week or next week.  Keep your fingers crossed...

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