Which banks are easier to do short sales with?

Jared Hokanson - Realtor Medford Oregon

www.jaredhokanson.com

As foreclosures keep increasing across the country, including here in my hometown of Medford Oregon, we are seeing more and more sellers that have no choice but to have the bank foreclose on them or do a short sale and save the homeowner from foreclosure.

As I help my clients with short sales and work with a variety of banks, I've noticed that some banks are easier to deal with than others.  Some are also easier to deal with if they are in 2nd position where their position is weaker than when they are the 1st lien holder.  I would love to hear from the other Active Rain members which banks they've found to be easier to work with than others when helping their clients with a short sale.  I'd love to see this blog become a comprehensive list of banks that are easier to work with for the AR community.

 

10 Comments on Which banks are easier to do short sales with?

JUL
20
2007
 I would have to sat that as a rule most of the National Lenders are pretty good! The regional lenders are smaller lenders who hold tthe 2nd's on houses are usually clueless and re[ly with things like why would we do that? or my favorite, Sir you do not understand banks don't do that....
8:17am • #1
JUL
21
2007
1 Featured Post

Cooperation is predicated on the type of loan, and the workout criteria imposed upon the servicer by who owns the loan... not necessarily the loan servicing entity.

An Ethical Approach to preforeclosure short sales
7:47am • #2

Right and right again.

Many of the lenders I work with are community banks with interests in keeping themselves looking good in their area.  In addition, working with the commercial lending side of a larger bank is easier than working with the "mortgage" side.  Both of these have less layers, which makes things a lot simpler. 

8:08am • #3
AUG
14
2007
236,913 Points 3 Featured Posts Outside Blog
I would like to see a list of Banks that are easier to do Short Sales with. Anyone?
8:43pm • #4

I would like to hear about some experiences working short sales out from many of our active rain experts. From my own experience Indymac does not accept short sales and in the past Option one was much more open to the idea. I know this might go against the intelligence of some of our experienced activerainers but all I have to judge is my own practical field experience.

Anthony 

 
9:03pm • #5
559,330 Points 12 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master
Check out Mike Mueller's site.  He has some good information on lenders and short sales.
9:34pm • #6
AUG
15
2007
Easy is certainly a relative term. So far my experience is talking the second lien holder into settling for something verses nothing is simple. Now getting them on the phone...well that can be a trick... I seem to have one now that we call daily but no avail...there goes a nickel holding up up a dollar.
11:31pm • #7
AUG
18
2007

I worked with Bank of America recently and apart from the frequent phone calls that I had to make, they were okay.  However, I have heard that America Servicing Company is one of the worst.

Just my 2 cents.
11:29pm • #8
559,330 Points 12 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master
Did you check out Mike Mueller's site?  Some really good resources and information on foreclosures and lender information.
11:35pm • #9
AUG
24
2007
296,556 Points Outside Blog
In todays market the banks are looking to put the deals together and are alot easier to deal with. They are a little backed with so many files on their desks, however I've noticed that they have become more flexible and are willing to take bigger 'hits' than they were just 18 months ago.
12:53pm • #10


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Jared Hokanson - Realtor® Southern Oregon

Medford, OR

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Keller Williams Realty Southern Oregon

Address: 1025 Court Street, Medford , OR, 97501

Office Phone: (541) 772-7653

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2009 Best Realtor

Jared's opinion on real estate in Oregon. Jackson County. Rogue Valley. Medford, Ashland, Talent, Phoenix, Eagle Point, White City, Central Point, Gold Hill, and Rogue River.


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