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Permalink Reply by Smitty on September 18, 2011 at 3:54am

With no issues...good bpos 60-90 days BOA accross the board.  Same with Ocwen.  Select Portfolio is quick.  I've had a couple of the LONG ones with Chase, Litton, and Carrington that are 6+ months battling inaccurate BPO's etc.  One Litton one that is going on 18 months that went for approval and then got sold to Ocwen so we are back at square one. 

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Permalink Reply by Becky Martin on September 18, 2011 at 6:00am

I agree with Smitty - all my government seller loans such as FHA, VA, et. are taking longer - I think they put the beginner negotiators in and understaff  those departments at all lenders.  One with US Bank which met all the ATP giving the bank MORE than required net just sat on her desk for months(she actually sent me an email saying she had to approve as they were received and mine was in the PILE with everyone else) until I just lost it and called everyone at US Bank and threatened HUD investigator and actually faxed the whole case into HUD to be assigned to an investigator and saying the buyer was also going to sue the bank since they had to close by Aug. 30 did I finally get an approval to close on Aug. 29 - thankfully our buyer was ready:)  Usually I go the NICE route but losing a buyer blows the whole deal and then all that work for no $$

So many factors affect the short sale process - but if you have only one lender involved, non government loan, no MI, good BPO it can go 60-90 days but unfortunately most are far more complicated:(

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Permalink Reply by Scott Korbin on September 18, 2011 at 9:44am

Describe your case. In general, 1-6 months, but that is a broad range based on many factors.

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Permalink Reply by Eric Mieles on September 18, 2011 at 12:12pm

@Smitty agreed, very similar results here as well. Thanks for sharing.

@Becky, I've had some tough ones with US Bank. Very difficult to say the least.

@Scott, Not a particular case. I was just wondering what everyone has been experiencing out there. I am aware every single short is a particular case and not the same. So many factors we deal with!!

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Permalink Reply by Sam on September 20, 2011 at 2:22am

I think it has more to do with the investor/servicer dynamic then just the servicer.  I have had BOA equator approval as quick as 20 days from initiating the file in equator...while at the same time, I had two other files in equator with BOA that were over two months old, and took another month or two to complete.  Same servicer and process, different investor requirements on the due diligence needed.

Overall it seems like 60 to 90 days is average if everything is done correctly.  I actually did my first VA, which was also my first Wells Equator and I received approval in just over 5 weeks.  I had braced everyone for minimum of 3 months from the VA horrer stories I had heard but I was shocked how smooth it was.  Although I did most of the work for the negotiator on the Wells/Equator system...plan on spending quite a few hours uploading everything and completing very detailed electronic worksheets.

I think the key to fast approval is knowing what the investor requires upfront (special addendums, 4506t, special financial worksheet, etc) and delivering a complete, legible and organized package from the get go, files get held up in "processing" all the time because they are incomplete or illegible.

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