Our 4150 17th Street #22 listing became a short sale as a result of this week's price reduction. It has a few more complications including HOA assessements which will make this a bit more complex. Over the past weekend we've faxed our info packet into the lender and will be following up until a negotiator is assigned. I'll see if it can move any faster than the last one... So far 7 successfull short sales out of 7 tries. A great batting average!
Now thanks to the foresight of Deutsche Bank you can read for yourself - A SHORT SALE TAKES WAY TOO LONG... the only thing 'SHORT' about it is the amount the lender receives on the loan amount.
The following are a few of our own personal examples:
Lender - Deutsche Bank Average Length of Time - Personal Experience
SunTrust Mortgage 1st & 2nd - DB Avg Time: Not Rated by DB - Experience: 262 Days* (9 months)
WFB/BofA 1st & 2nd - DB Avg Time: Not Rated by DB - Experience: 183 Days* (6 Months)
Chase Bank 1st & 2nd - DB Avg Time: 8 Months Rated by DB - Exeperience: 206 Days*
Article courtesy: REO Insider - Jon Prior 6/23/2010
Michael Ackerman - Oliver Burgelman
8/18/2010 Update: Great news at Chase - It seems that we have a few 'fans' at Chase Bank. They let me know things are changing and applaud our efforts. Oliver and I have been encouraged whenever we have a new Chase short sale to give them a call. As a matter of fact this happened today as my business partner Oliver relayed to me he received a call from Chase Bank regarding our new short sale listings at 601 Van Ness Ave #843 - apparently shortly after I got off the phone with our negotiator on our 8300 Oceanview #22. I guess there's something about being a 'Short Sale Whisperer'