BEST AND WORST SHORT SALE LENDERS

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Real Estate Agent with Alain Pinel BRE 01367196
https://activerain.com/droplet/hx5

ForeclosureRadar.com provides a Short Sale Report on banks and how they are rated on how difficult or easy it is to deal with on short sales.

The report states: "Be sure you work smart, not hard by focusing on lenders who actually get the deals done."

Here's how some of our favorite big mortgage companies rank

American Home Mortgage 3 stars

Bank of America              2 stars

Chase                            3 stars

CitiBank                         3 stars

GMAC                            3 stars

Greenpoint                     2 stars

HSBC                             3 stars

SunTrust                        2 stars

USBank                         2 stars

Wachovia                       4 stars (this is why it's our favorite bank to deal with on short sales!)

Washington Mutual          2 stars

Wells Fargo                    3 stars

Wilshire                         4 stars

So, which banks are YOU working with on your short sales?

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Ambassador
2,799,831
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Pacita - Very interesting. I looked at the link and there are a lot of lenders listed. I have to wonder, though, how bad the ones that didn't get any stars must be, to rank lower than some of the two star and three star lenders on the list, who I would rank on a scale running from gruesome to merely dreadful. Thanks for the info.

Aug 28, 2011 08:51 AM #1
Rainmaker
503,000
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

Pacita - Wachovia is by far the best to work with on short sales.  None of the other banks even come close.  Bank of America can be good to work with one time them terrible the next.  Over all short sales are getting easier but are far from easy. 

Aug 28, 2011 01:33 PM #2
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Dick --- I'm sure there are more lenders...but these are the ones they identified have been working with short sales.

Jim --- I totally agree about Wachovia. Wish all of them are like that. It makes you wonder why it takes so friggin' long with other banks and why files are closed and reopened frequently.

 

Aug 28, 2011 08:50 PM #3
Rainmaker
911,189
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
RealtorĀ®, Springfield Mo Real Estate

I'm working with a lot of them right now.  Bank of America seems to be my primary lender.  They all seem to be slow right now.

Aug 29, 2011 01:50 PM #4
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Kauy -- Bank of America "seems to be slow right now...." That's quite an understatement. They are one of the slowest and the most aggravating to deal with!

Aug 29, 2011 02:21 PM #5
Rainer
93,232
Michael L. Brownstead
Keller Williams Realty - Allen, TX
ABR, GRI, MRP, SRS, 1SG US Army (Ret.)

Pacita, awesome report, thanks for sharing this valuable information!

Aug 30, 2011 12:34 AM #6
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Michael --- you're quite welcome. ForeclosureRadar has tons of good information to share.

Aug 30, 2011 10:27 AM #7
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Rainmaker
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Pacita Dimacali

Alameda/Contra Costa Counties CA
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