Short Sale Timing

by staff on August 23, 2010

The Virginia Association of Realtors (VAR) has just published the following statistics from Housingwire magazine about how long it takes to complete a short sale transaction with various lenders at this time. Below is their information:

“FASTEST (AND SLOWEST) SHORT SALE SERVICERS”

Posted: 20 Aug 2010 11:06 AM PDT

“Lenders are taking heat from buyers, sellers and Realtors® for the length of time and complexity involved in going through a short sale. You’ve probably got your hunches about which banks are the worst to deal with and which ones take the most time to complete a transaction. Well, HousingWire magazine recently published a list ranking selected major mortgage servicers by how quickly they conduct short sales. Here’s the scoreboard:

Quickest: GMAC, averaging about 6 months per transaction
2nd fastest: CitiMortgage, about 7.5 months per transaction
3rd place: Wells Fargo, roughly 8 months per transaction
Last: Countrywide (Bank of America) at 13 months per transaction

Any surprises?”

Talk with your agent if you need more facts about short sale transactions. In general the only thing about the timing that you can count on…. is that you can’t know your timing for sure with a short sale. Timing is an iffy approximation.

Tagged as: Charlottesville foreclosures, Charlottesville Real Estate