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New Short Sale Timelines

By
Real Estate Agent with Virtual Properties - Atlanta Real Estate 255736

Bank Short Sale UpdateNew Short Sale Timelines

I was working on a resource guide for our buyer's agents and buyers of our short sale alike and wanting to give them some more specifics than just the usual 60 days and get into some bank specifics.  After reviewing our data  from doing Atlanta Short Sales, I was very impressed to see that Timelines have sped up significantly! 

I was pretty impressed that Citi Short Sales got even better! Suntrust also made huge improvements! 

  1. Citi Short Sales - Less than 30 days in most cases.  Our last one was 6 days! 
  2. Wells Fargo Short Sales - Less than 30 days if the only loan, 45 days at most (in most cases)
  3. Bank of America Short Sales - 45 days or so.
  4. Chase Short Sales - 60 Days or Less, they're aggressive but rarely do we see Chase on the home by themself.
  5. GMAC Short Sales - 30 Days or less, they are generally very good about approving.  Most of our closings with them have been with them being in 2nd position.
  6. Suntrust Short Sales - 60 to 90 days - This is down from our average of 6 months!!! 
  7. HSBC Short Sales - Another favorite, under 45 days. 
  8. SPS Short Sales (Select Portfolio Servicing) 60 Days or less.  They will actually do the short sale if you're current! 
Notably bad lenders to deal with short sales - Ocwen, AMHI, Aurora and Greentree.

Comments (2)

Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

I came across your blog searching for info on SPS shortsales. It's good to hear that they will do them even if you are current. Thanks

Mar 21, 2012 05:16 PM
Joshua Jarvis
Virtual Properties - Atlanta Real Estate - Duluth, GA
Moving Families Forward.

SPS is actually one of our favorite companies to do a short sale with since they seem to be "rational" unlike many of their counterparts 

Mar 21, 2012 08:18 PM