IT'S OFFICIAL. THE FASTEST AND THE SLOWEST SHORT SALE LENDERS - YOUR MILEAGE MAY VARY.

So what you're saying is that BOA is the longest of the shorts. I guess that puts them at the top of the list, depending on how you stack it.

Lenn, these numbers are way off! Maybe in late 2006 and in 2007. Now a days, GMAC, Citi and Wells is around 2-3 months. Actually so is BofA when using Equator. I can even get them approved faster through REDC or Titanium Solutions.

The source has to be outdated. They still include Countrywide.

Just an FYI I used Equator for a short sale. It was a GMAC loan (2 liens) and it went through in 3 months! You really have to stay on top of the system and get things done ASAP. The flip side is I had a buyer who put an offer in for a B of A home. The lisitng agent was also using Equator BUT the file handler failed to tell the listing agent the sale had been approved. It never went to closing because my buyer found another house. Not a perfect system but stay on top of the info, check at least twice a day for "tasks" and it will happen (unless they forget to tell the good news).

All I hear from the lenders is how everything is starting to work so well and the closings are coming faster. I sure wish they would prove it to me. Just when things look good and you think it is going to close a new negotiator is assigned and wants all new files from the seller. On and on and on!

I am surprised Citi is as good as #2. Pretty sad state of affairs.

I must have been lucky, I got a 2 week approval and 2 month close on a Bank of America sale. Equator (their website for short sales) makes things so much quicker.

Maybe I've just had great luck, but I can't believe these #'s.  My average short sale is approved to close in 40 days.  The longest it has ever taken for one of our short sales to be approved was with one with Ocwen and one with BOA and those were 60 and 72 days.  I do hear some stories in the office about one here or there that takes 6 months +, but overall, most everyone here has them approved in 60-90 days max.  Can it be true that the AVERAGE is over 6 months???

Our NAR Pres said she recently received commitment from BofA to try to reduce lead time from 117 days to 57 days for aprovals. Sounds like even the 117 days would be an improvement based on these figures. Something's wrong somewhere.

Believe me when I tell you that I am not a fan of BOA (or most banks I have had thepleasure of working short sales with), However, I have to tell you what I was told by the CEO of the MidWest Region of short sales for BOA: They recently (in the last 2 months) have doubled their staff of processors and negotiators.  The first round finished training about 2 weeks ago.  They are still trying to find the bathroom, but they are answering the phones and reading the updates well.

Things are moving a little faster on FHA (non-equator) deals.  I suspect things will continue to improve with BOA because they seem to have finally figured out that short sales are not a "phase". 

Citi Mortgage has been good to me PROVIDING that the knuckle-dragging, drooling, too dumb to work at walmart processors catagorize the file properly and make it a short sale (not a restructure) in the beginning.  If the file is improperly marked at the beginning, it seems to take 48 times longer to get things moving. 

GMAC is quick, in my experience.  They say "no" with lightening speed.  I have not had them accept one single offer in the last year.  They always counter, usually asking the seller to pay in a lump sum or on an unsecured note.  Generally, it seems to take a letter of reminder about the Debt Forgiveness Act of 2007 to get them to back off. 

That is a few of my experiences lately.  It is never a dull moment when it comes to short sales.

I've seen these stats before. Who knew 6 months would be the speedy winner?

Thanks for the confirmation of what we've learned the hard way in this office. Just finished a GMAC one. Had a response within 2 days - with seller assist and a contingency home sale! Great negotiator to work with. Just starting one with Wells. Haven't done one with them yet but others in the office said they weren't too bad. Citi took a couple of weeks but I'll take that over the longest one I've heard of with Countrywide/BOA - 16 months so far and still going. Can't believe the buyer is hanging in there. The offer/counter offer goes into Equator, BOA takes more than 14 days to review it then tells the agent the offer is more than 14 days old so ALL paperwork - from hardship letter to offer needs to be resubmitted. If the client wasn't a relative of his, he would have canceled the listing a long time ago!

I was working on a deal in Oceanside, CA that was a short sale.  The other agent who is a big name and does pleanty of Short Sales took 8 months to not even give me a response.  I had to keep calling, and calling to figure out that the house had gone into Escrow.  Some of these programs that initiate Real Estate agents to be the point of contact are not helping any.  It has made me questions how the banks process the listings and then who they provide them too.  Is it a friend, family member, or just luck of the draw?  

I'm assuming these numbers have changed drastically since this post was written.  A couple years back the process was certainly slow, but we don't wait anywhere close to this long for approvals anymore.  Usually no more than 2-3 months, except in rare occassions.