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Answers (13)
- Kelly Erickson, "Kelly M. Erickson"
- Contributions:32
I'm not sure if we are just working with a different division of Chase Bank, but they are using equator, and that certainly helps with communication. BOA, Wells Fargo and even the few SS we have had with local lenders are getting easier. Better communication and less nonsense paperwork, less waiting!
- Reema Sharma, "ReemaSharma"
- Contributions:927
Depends on your down payment, most bank prefer cash offers
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Actually Equator is one of the best systems around. It allows you to track all communication so that there are no lost docs or missed calls. I have found that the short sales that I have been doing through Equator are getting easier and easier. Short sales simply take a lot of time and patience by all parties involved.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
The equator system takes forever!
- Sam Provan, "samprovan12326774"
- Contributions:16
Since I wrote my first "statement" on SS I have recently completed my certifications with SFR, CPV and CDPE --- I keep trying to find ways - as we all have -- in working with the banks but most importantly with our Sellers --- it is Frustrating for all of us - and like someone else noted - unless you get a person on the other end that knows what they are doing and realize you know what you are doing, PLUS the absolute fact it can only help ALL of US to work together ---- but it still takes so much time -- there has to be a better way ???????
All of us work as hard (if not longer) on lower priced (in this market) homes with the same initiative, integrity, patience, and ethics, as we do with an estate home or mansion - they all take same paperwork !!!! -- which leads into another matter -- I thought we were all trying to be a bit 'Green" and saving a few trees? oh well You gotta love this job ! --- as my Mama always said "This too shall pass" - Have a great year ------
All of us work as hard (if not longer) on lower priced (in this market) homes with the same initiative, integrity, patience, and ethics, as we do with an estate home or mansion - they all take same paperwork !!!! -- which leads into another matter -- I thought we were all trying to be a bit 'Green" and saving a few trees? oh well You gotta love this job ! --- as my Mama always said "This too shall pass" - Have a great year ------
- Lidya Demian, "LidyaD"
- Contributions:5
From my experience, it is up to the seller agent to keep after the bank. Sometimes paperwork gets lost, ignored or just hidden under a big pile. constant calls always brings the SS papers back up the pile and right into the line of site of whoever is handling it. The process does take time and you must be patient. Best of luck!
- PukonYukon
- Contributions:173
Like any other business, it depends on the competence and professionalism of the one employee that is assigned to your case.
Even when it is a bank like wells fargo with a lot of red tape and extra rules to slow it down if you have a go-getter working there it will be less painful. Then if you have a complete moron that is slow at doing their job at a supposedly better bank (BofA mentioned below) it doesn't matter how good the bank processes are.
that employee has no skin in the game. It's just part of their job.
- Damon Williamson, "RealtorDamon PRO"
- Contributions:165
BOFA is the easiest to deal with but as far as timely go NONE that I have dealt with.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
So much of it depends upon the 'investor'. I've had easy short sales with Chase, Wells, BoA etc.... but it will depend upon whether they have to adhere to Fannie, Freddie, FHA guidelines. FHA has a completely different short sale process - also whether or not it is a HAFA (Fannie's HAFA is different) short sale.
You can deal with BoA on a traditional (equator), HAFA and FHA short sale, and the process will all have different timeline and expectations.
You can deal with BoA on a traditional (equator), HAFA and FHA short sale, and the process will all have different timeline and expectations.
- Lisa lageschulte, "Lisa Lageschulte"
- Contributions:274
Wells Fargo is by far the easiest to deal with they are very motivated and cooperative to complete a shortsale. Bank of america/Countrywide was the most difficult until they started the equator.com website for negotiating shortsale home. With that said..... I have closed many shortsales being a top producer in my region of the pacific northwest and I would say at this point there all about the same today. The efficiency of the listing agent and the seller also play an important role. When the bank or negotiator ask for something or request a document your transaction goes into a hold pattern until bank has what they need to proceed. I hope your transaction proceeds smoothly and your transaction is a enjoyable one.
L.
[phone removed by Zillow moderator]
L.
[phone removed by Zillow moderator]
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
The short answer? NONE. Every market is different of course but here in Tucson there is enough inventory that most buyers can find what they want and need, without the hassle of a short sale. On average a short sale can take up to 6 months, regardless of which bank(s) or lender(s) hold the mortgage. They are listed at a price NO ONE knows if the bank will accept, that being said REOs here tend to be priced right or sometimes below market. Something to consider as I get asked about Short Sales all the time, simply find a house that you like that is NOT a short sale might be your best bet. I know some may think agents/Realtors dont "like" them. I simply like my clients to know what they are getting involved with before we even make an offer. Just because a house is being listed at price below what someone owes, does not instantly make it a "good deal".
Best of luck.
Spirit
Best of luck.
Spirit
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
In my opinion, the extent to which a short sale is easy or difficult really relies on the listing agent and/or the negotiator. It doesn't matter how good of a system is in place for short sales w/the lender, things will fall apart, not get done, or get jammed up in the system if these two people don't know what they are doing. Your agent should also be familiar with the process so that he/she can ask the right questions at the right time. However, while they can pester the heck out of the listing agent, they can't really move things along any faster.
- Sam Provan, "samprovan12326774"
- Contributions:16
I LOVE THE FACT THAT BOA HAs equator and the agent can actually find out what is going on on a daily basis, not saying you get an immediate response, unless you are in "hot negotiations" --- at which time it's been about 3 - 6 months - and it goes quickly -- with their demands - biggest problem is they do not give any feedback when offer is first extended either to reject or approve
only difference with Chase is that I find they tend to try not to include realtor - and go straight to owner without notifying ligitimit listing held for awhile by agent --- I'm currently working on 2 chase SS for since the end of last year and on one property, which I have had 3 good offers - they have rejected 2 and now the current offer and back up offer are in price range of what they said they would entertain - HOWEVER, only info I can get is that they are "Considering" offer and in meantime have to update all paper work with sellers - which is a divorce situation and both are cooperating and NEED to sell this home --- this is the 3rd and 4th offers I have turned in and 2 of them are by the same buyer that has sold their home and immediately ready to move on it - but I can't get an answer from bank ! - I've been advised they are in process NOW of offering 'deed in lieu" instead of my offers, which were submitted before deed in lieu came up (about 3 mths)
As to which bank I think is easier (I could also include Wells Fargo in these dealings) none of them seem to really want to negotiate a deal with a buyer or realtor - ????? Yet they say they want to "liquidate"
only difference with Chase is that I find they tend to try not to include realtor - and go straight to owner without notifying ligitimit listing held for awhile by agent --- I'm currently working on 2 chase SS for since the end of last year and on one property, which I have had 3 good offers - they have rejected 2 and now the current offer and back up offer are in price range of what they said they would entertain - HOWEVER, only info I can get is that they are "Considering" offer and in meantime have to update all paper work with sellers - which is a divorce situation and both are cooperating and NEED to sell this home --- this is the 3rd and 4th offers I have turned in and 2 of them are by the same buyer that has sold their home and immediately ready to move on it - but I can't get an answer from bank ! - I've been advised they are in process NOW of offering 'deed in lieu" instead of my offers, which were submitted before deed in lieu came up (about 3 mths)
As to which bank I think is easier (I could also include Wells Fargo in these dealings) none of them seem to really want to negotiate a deal with a buyer or realtor - ????? Yet they say they want to "liquidate"
What banks are "best" and "worst" to deal with when you're a short sale BUYER?
we put an offer on a SS house that the previous owner's mortgage was Bank of America. I read online if it's Chase they're easy, also read BofA is-- BUT ... then I read they're a pain? Curious what its like at the moment with these guys..
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