So How Long is a Short Sale?
This is a question I keep hearing from potential buyers and seller who stare at me in disbelief... Especially at the beginning of the process.
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
Wells Fargo Bank 1st & 2nd - DB Avg Time: 8 Months - Experience: 185 Days* (6 Months)
Both first and second loans held by WFB -
SunTrust Mortgage 1st & 2nd - DB Avg Time: Not Rated by DB - Experience: 262 Days* (9 months)
Both first and second loans held by Suntrust -
WFB/BofA 1st & 2nd - DB Avg Time: Not Rated by DB - Experience: 183 Days* (6 Months)
Mixed Loans, both negotiated.
Chase Bank 1st & 2nd - DB Avg Time: 8 Months Rated by DB - Exeperience: 206 Days*
Both first and second held by Chase Bank -
* My days counted include market timing from receipt of the listing as a short sale, until the bank accepts and CLOSES and RECORDS the sale. Deutsche Bank's day count is from receipt of an acceptable offer until closing and recordation. Market time to receive an offer is a variable in any market and we're currently experiencing anywhere from 2-6 weeks market time in San Francisco. Anything past that means another price reduction is in order.
Article courtesy: REO Insider - Jon Prior 6/23/2010
(Short Sales ranked in Length of Time to Complete and % Recovery of Assets.)
Michael Ackerman - Oliver Burgelman
Building Trust for Life - Zephyr Real Estate
4040 24th Street, San Francisco, CA 94114
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'
