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Why is my short sale in Idaho taking so long?

By
Real Estate Agent with 1st Place Realty LLC

There are many types of short sales in the Treasure Valley and many different banks involved. Not one short sale is exactly like another. Hopefully that will change somewhat very soon.

There is a huge push from the Obama administration to help folks stay in their homes through loan modifications and short sales. Banks are getting "kickbacks" incentives to do these things to avoid foreclosures.

But why is it taking months to get an approval on my short sale?

Some banks are literally overwhelmed with short sale offers across the country. Most banks are understaffed in these departments. Bank of America (Countrywide) is one that comes to mind. The average time frame to hear back from a short sale offer from B of A is about 3-4 months. During that time, most buyers walk away and look for another property. So then another offer comes in for the same property and can take another 3-4 months to approve that offer. Hopefully this will change very soon.

Bank of America has signed up with a company called REOTrans soon to be called Equator. B of A has been using this company on a trial basis to do short sales through. This is in a way "streamlining" the short sale process. So far, I have heard that it has been working much better! So be on the look out for this. If you have not signed up yet for REOTrans, I highly suggest that you do. Their website is http://www.reotrans.com

Wells Fargo and Wachovia have really streamlined there approval process that can take less than 10 business days with less paperwork! So if you have one of these banks, things can go very quickly and smoothly.

So as you can see, short selling your home is not always a slow and painful process. In some cases it is a simple process and other times, not so simple. But in some cases, it might still be better than a foreclosure. Read my blog about "Life after a short sale" http://bradoliver.wordpress.com/

Call me or email me today for a free consultation and free information.

Brad Oliver

Century 21 1st Place Realty

208-284-5697

Bradley@Century21.com

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Terry Meyer
Berkshire Hathaway HomeServices Sound Realtors - Olympia, WA

Brad- Great post.  We are experiencing the same situations here in Western Washington.  B Of A seems to be the worst.  I have had great success with many other banks.  Usually, the banks I have been working with can get them done in 60-90 days.  B of A on the oher hand makes you feel as if you don't exisist.  I have had a transaction that I am representing the buyer on going sice the first week in April.  The only saving grace has been that he is renting the property from the seller.  I am like you in hoping that all banks will figure it out and get things streamlined.  These are not difficult transactions.  They just require much more paperwork.  Good luck and hang in there.

Nov 18, 2009 02:13 AM
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