Short Sale approval vs names on contract

All buyers will need to be listed on the sales contract.. Somewhere in the short sale addendum from the lender is a statement that addresses name changes on the contract.. If your adding someone, you will need short sale lender approval.. it should not take weeks.. a few days maybe but not weeks.. and this isn't something you should be freaking out over.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

They most definitely will need to be added to both the contract and the loan, as well as the Short Sale Approval Letter. Short sale approvals are very specific and thoroughly overseen. They do a lot of verification of not only the seller(s) but also the buyers, for your sake I hope the shorting lender isn't BOA because if it is then it will take them at least a month to get that resolved.

You would most probably need to get a rider / addendum to the short sale contract and approval, as the current short sale holder is under the presumption that the one person (and only that one person) was on the approval / contractHow long it should take obviously varies -- some banks take months for the simplest of tasks, others take hours.DP

Unfortunately yes, the co borrower will need to be on the contract to also be on the loan. As for the short sale, I would say yes but it depends on the bank. I'm still 99% sure they will though. And yes, it could take them more time to "review" that. I would check with your realtor or lender to be sure. It's always possible the short asle app doesn't need the 2nd name, since it was already approved. That approval is based mor eonthe dollar amount than names anyway.

Hi J.D.CO, Both the Sales Contract and the Shortsale approval need to have all buyers and sellers listed on them.

I would say the co borrower will need to be added to everything.

The co-borrower will certainly need to be added to the short sale approval. This process should not take that long. If you are looking to see if you are getting the best mortgage program for you, send me an email with your loan scenario at PBotros@OmegaLoans.Net or call me 908-933-0253 office or 347-231-4444 cell. We are Direct Lenders here in NJ.