In 2008/2009 I listed a Bank of America Short Sale in Mountain View. It took 11 months to close it, with the first buyer walking and the second one sticking it out. 11 months, and I was thrilled to have gotten approval from Bank of America for a short sale. At that time they had a terrible reputation for short sale approvals, and now they are most agents favorite company.
Boy have things changed! It has now taken me 3 months, from seller signature on a contract to approval of both a first and second loan from Wells Fargo. It sounds great, but expectations have changed. I would have expected 6-8 weeks from signed offer to full approval on this short sale? I kept asking what is taking so long? The answer in this case is that the sellers never stopped making payments, instead choosing to keep paying as long as they could, which actually ended on their last payment. Because they were not in default there was a longer review process, but even so, 3 months for 2 loans is really so much better than a few years ago.
So I guess it is all relative. I was happy 2 years ago just to get a yes, even though it took almost a year. Now I think 3 months is a long time. I am hoping that in a year one month will seem like forever.
If you have any questions about buying or selling short sales, please feel free to contact me!
Keller Williams Realty
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