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Do banks plan on streamlining the short sale process?

Indications out there on the front lines of the short sale market point to perhaps some banks are not only realizing the benefits of the short sale, but are gearing up to process them quicker. I have spoken to representatives of banks as well as other insiders and they explain the banks are reassigning personnel from the foreclosure departments to the short sale departments....

To read the entire article, click on the link below:

Las Vegas Short Sale Update: Do banks plan on streamlining the short sale process?

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Posted by Tony Sena - Broker/Salesperson on 11/03/2009 01:21 AM

Comments (4)

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4 Comments on Do banks plan on streamlining the short sale process?

NOV

Banks are so overwhelmed by the low interest rates that they have completely ignored the short sale and loan modification process. As interest rates go up, so lenders will start paying more attention to short sales etc.

Thanks for the link.

I spoke to whoever answered the phone at BoA who had been there 1 month, didn't know a HUD1 was a Settlement statement and put me on hold after every question I asked. We all have to start somewhere, but I'm not optimistic about this system getting better any time soon. Oh, they lost the HUD sent to them in September and kicked the file out because of their mistake. They also told me in October, that they had a complete file, we'll have an answer soon. Yea, right.

NOV

I have noticed Wells Fargo has improved drastically over the past few months with their short sale process. I have had my documents posted within 48 hours, been assigned negotiators in less than two weeks. I was assigned back to the same negotiator when I lost a buyer and submitted a new offer. All positive signs they are getting the process down. Bank of America has been the hardest bank I have worked with. I talk to a lot of people that do not know what they are doing and have received a lot of false information. On the flip side I have occasionally had a good negotiator and sailed smoothly through the short sale.

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