Closing Tip for a Sacramento short sale

Pica the Ocicat-300x200The closing tip for a Sacramento short sale today is brought to you by Pica, the Ocicat, who lives in Land Park with this Sacramento real estate agent. He asked me to shoot his photograph and post it here. He wants to say: “Nation, don’t listen to Stephen Colbert when you can find out everything you need to know about the world from this cat.”

Pica knows a lot about Sacramento short sales. For example, Pica can tell you that when it comes time to close that short sale, you can’t simply sashay into the escrow office to sign documents and close. That’s not how it works, regardless of how many dead fish you drag to the title company’s doorstep.

For one thing, all parties to the short sale, the buyers and sellers will sign closing documents a few days before the actual closing date. Funds need to be deposited into escrow as either cash, certified check or wire, the day BEFORE closing. You cannot write a personal check to the escrow company and expect escrow to close until that check clears the bank, which could take 3 to 7 days.

The most important thing to realize, whether the buyer is obtaining a loan or is paying cash, makes no difference, is escrow cannot close until the final HUD has been approved by the short sale bank. If there are two loans on a short sale, generally approval is required from both of the lenders. Don’t overlook this closing tip for a Sacramento short sale or you won’t close.

Some short sale banks require up to 72 hours to approve the HUD. That means 3 days turnaround. You can’t rush the bank or escalate a Final HUD approval. Lots of people, even mortgage brokers and Sacramento real estate agents, tend to forget about the essential fact. And that’s how a short sale can expire, especially if the closing is intended for the last day of the approval letter. There is no time to pause for an emergency butt lick.

So, don’t be a lazy cat or an uninformed cat. Allow time for that Final HUD approval. Ask your escrow officer how many days it could take to get approval and get your documents to escrow with enough time allotted for Final HUD approval. Here, have a freeze-dried chicken treat. Pica has a nap to take now. He has given you your closing tip for a Sacramento short sale, and his job is done.

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