A Two-Day Short Sale Approval
Every lender is different in how they manage Short Sales. This San Francisco Short Sale Agent has had experience working Short Sales with Chase, Wachovia, Wells Fargo, Aurora Loans, Patelco, Bank of America and many of the banks that are no longer in existence. Every one of them is different. Some of them have quick turnarounds, like Wachovia, and some not so quick, like the BofA.
I have a new favorite as of yesterday. HSBC
HSBC Short Sale Timeline:
9/30/2011 - Submit Short Sale Package
10/13/2011 - Receive Initial Approval Letter
10/27/2011 - Receive Final Approval Letter (Revised to cover more Closing Costs)
11/15/2011 - Buyer Jumps Ship. Put Home Back on Market.
Receive 5 New Offers.
11/23/2011 - Submit New Offer to Lender
11/25/2011 - Receive New Approval Letter!
John M Scott, Broker / Owner, Century 21 Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area