There is finally some good news in California for people trying to get a short sale approved. SB 306 puts in the following requirements:
1. A lender only has 21 days to approve a short sale once it receives a complete package;
2. A lender has 4 days to acknowledge receipt of the short sale package;
3. If the short sale is not approved, the reason must be put in writing.
Of course, all of this assumes that the short sale package is complete. This is one more reason to make sure you are working with a real estate agent who knows what he or she is doing. And another reason to have an attorney review everything. These new deadlines should make the short sale approval process, which currently takes 120 or more days, quicker and easier.