Fortunately the short sales I've closed for sellers in Prince William County have not gone this long....at least yet.  The fastest was for a home that went from listing to settlement in 49 days and the longest was 5 months. 

You would think that after 2 solid years of banks dealing with short sales they would have developed a process to move them forward at a much faster pace.

 

Via RE/MAX Benchmark- "REMO@Remax!":

Is there progress among servicers in the short sale world? REO Insider recently reported on how Deutsche Bank ranked top mortgage servicers based on short sale timelines. Here's how the rankings shook out based on mortgage type and average time to complete short sales. We know there's progress in the industry (agent education, new processes, HAFA, etc.), and we'd love to know what you think about this:

Prime:
1. GMAC - 6 months
2. Citigroup's servicing arm CitiMortgage - about 7.5 months
3. Wells Fargo - roughly 8 months

(Countrywide - now owned by Bank of America - had the slowest short sale timeline at an average of more than 13 months)

Subprime:
1. Wells Fargo - more than 15 months
2. HomEq Servicing - 16 months
3. Morgan Stanley's servicing arm Saxon Mortgage Services - at a little more than 17 months

(Equicredit and Ocwen came in last with an average of more than 29 months on their short sale timeline)

Option-ARM:
1. JPMorgan Chase's EMC Mortgage - just over 8 months
2. Aurora Loan Services - 10 months
3. GMAC - just more than 10 months

(Again, Countrywide brought up the rear with a short sale timeline at almost 14 months)

Alt-A:
1. First Horizon - just over 9 months
2. Both Wells Fargo and Aurora - roughly 11 months

(Here's Countrywide again at the bottom at more than 13 months for their short sale timeline)

 

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                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
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6 Comments on Servicers get Ranked on Short Sales!

JUN
27
2010
1,348,294 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy

Thanks for sharing the information.

Good luck and success.

Lou Ludwig
9:09pm • #1
479,835 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy,

This is very helpful information, but how do we know which type of mortgage it is? Letting clients know this infromation is going to be very helpful.

Cal
10:23pm • #2
1,547,607 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Lou-thanks for joining me this terrific Sunday evening.
10:30pm • #3
1,547,607 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Cal-I always ask my sellers what type of loan they have.  It is outlined in their original loan documents which they should have.
10:32pm • #4
JUN
28
2010
1,071,262 Points 2 Featured Posts Called Shot Master

CIndy,I LOVE THIS POST!!! Great info and a great way to set expectations that are realistic too!
10:59am • #5
1,547,607 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Kristin-it is all about setting expectations in our business these days.  It seems every deal can take long to come together than they used to but the end results are worth the wait for most buyers.
3:28pm • #6

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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