GMAC FHA Short Sale On Its Way to Approval

Real Estate Agent with Realty ONE Group Eclipse

In the business of short sales when you finally get a bank that makes a solid effort to effectivly handle a file you feel like telling the world.

We have a GMAC short sale insured by FHA.  We have found lately that Bank of America and Wells Fargo have been so SLOW on their FHA files that I am almost falling out of my seat to see an Approval To Participate (ATP) letter from GMAC 36 days after sumitting our offer.  

If you are not in the Biz you might think that is still a long time but several of our B of A short sales (FHA) have taken months to get the ATP and then another month to get the actual approval letter.

Thank you GMAC for doing a decent job.  If more servicers/lenders would work this efficiently we could have closed nearly double our numbers last year in Spokane, Washington.


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Matt Side

Dir. of Broker Development
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