Hello Fellow Short Sale Agents:
Just looking for some feedback from everyone on which banks you consider easier to work with and which ones make you want to pull your hair out?
I know that every file is different and every negotiator is different as well, but just wanted to hear what some of your experiences out there are like.
Also anything you want to mention about certain banks that you have noticed are getting better and quicker about approving short sales.
Thanks,
Happy New Year,
Sherry Sims
Tags:
Agreed....one request they made of me was write out the word December on the 4506T instead of 12 representing the 12th month. Then, they took 2 weeks to pick up the file again to see if I'd changed that so they could move the file on.
I agree on the Chase part with the negotiator. Every time I get a good, fast negotiator they get reassigned to a new project. (Because they actually know how to do their job)... lol sad no one holds the bad ones accountable. Or at least that I can see...
Chase is all about the negotiator. If you get a bad one. Hold on tight it is going to be a long bumpy and painful ride.
SPS!!! I just closed one where SPS got me an approval in a little over a week.
My experience is that it isn't the bank but where they are in the food chain. If there are TWO loans the each bank will be handling it differently than if there is one loan, generally speaking.
I received one from SPS on a 2nd in under 30 minutes!
Hi Kevin - I have a customer who has 1st with Chase, 2nd with SPS. What type of short sale packet does SPS require? If you have a link that would be great -- thanks!
I don't think Bank of America's system can be beat, once you learn it. They are also responsive to feedback, make changes, address concerns. I also vote them most improved of any short sale lender.
After reading the great comments regard the best and worst to work with in a short sale process I must agree “Aurora” is by far ahead off all others at being the best of the worst.
My favorites are:
BofA
SunTrust
Chase
Nationstar
Worst?
Flagstar by a mile.
I could make it a long list on either side of the question but I'll only make the top 2 for good and bad.
Best to work with: Bank of America and Wells Fargo
Worst to work with: Greentree and Aurora
One additional comment: Any servicer working for Freddie Mac as the investor is terrible. Freddie Mac adds about 10% to any BPO they get and then ask for a contribution in almost every situation. I have one listing where its about $15,000 overpriced for what I think is a $130,000 house. We had a total of 2 showings in 3.5 weeks for this preapproved HAFA short sale. I asked for a price reduction and was denied. This house is located in an area known for multiple offers but it has to be priced right. I'm not saying that I'm right but the market sure seems to be rejecting the price. It almost seems like they'd rather take the house back then to process a short sale.
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