Gay Potter speaks about the time frame for Short Sale completion!

Someone says “short sale” and then the headache begins! 

Good experience, bad experience,  never completed and the headache begins for the stressed out homeowner.  

Below I have tried to outline some time frame of some banks so my sellers expectations can be realistic.

Short Sale Time Frames
A Short Sale is a very unique real estate transaction.  There will never be two identical
short sales with regard to time frames, outcomes and terms.

The following are general time frames associated with a short sale transaction for the most common lenders;  all time frames may be subject to change depending on additional factors such as:

(A) Does the loan(s) have mortgage insurance?
(B) Who is the insurer?
(C) Who is the investor on the loan(s)?
(D) Is the servicer the Master Servicer or Sub-Servicer?
(E) What is the delegated authority of the Servicer?
(F) What is the validity of the offer?

Here are some estimated times based on recent company data.

1.) ASC (America Servicing Company) – 30 to 45 days.
2.) Wells Fargo – 30 to 45 days.
3.) Countrywide – 45 to 90 days.
4.) Litton – 0 to 30 days.
5.) SPS (Select Portfolio Servicing) – 0 to 30 days.
6.) GMAC – 30 to 60 days.
7.) HSBC – 60 to 120 days.
8.) Saxon – 60 to 75 days.
9.) EMC – 28 to 42 days.
10.) Homecomings – 30 to 60 days.
11.) Ditech – 30 to 60 days.
12.) Washington Mutual – 60 to 90 days.
13.) Indymac – 60 to 120 days.
14.) Aurora – 60 to 90 days.
15.) Ocwen – 45 to 90 days.
16.) US Bank – 45 to 90 days.
17.) Bank of America – 60 to 150 days.
18.) Chase – 60 to 90 days.
19.) First Horizon – 90 to 120 days.

If a short sale is in your future please give me a call to discuss how to relieve YOUR headache,  I can help! 

If a loan modification is something you are considering, please check out what I call “loan modification for dummies” or Do It Your Self Loan Modification” – FreeLoanModQualifier.com

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