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SunTrust Short sale timeline

Posted by Ama Gyesi on July 11, 2011 at 6:48am in Short Sale Discussions

Hi everyone,

My Dad recently submitted an offer for a shortsale that is through suntrust. We submitted the offer June 20th 2011 and the listing agent says an appraiser has been assigned. We were really hoping to close by the ending of August. This is a Cash transaction as well. Any info on how we could speed up the process?

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Replies

  • Ama Gyesi July 12, 2011 at 9:50am
    Thank you so so much for your help jeff, do u know how long decisions take?
  • Jeff Payne July 12, 2011 at 9:35am
    In a perfect scenario, the appraisal report would get back to Suntrust within 7 days.  Suntrust would then review the file and issue approval.  From memory, my last 2 went fast after the appraisal was turned in
  • Ama Gyesi July 12, 2011 at 7:43am
    They ordered it on Monday
  • Jeff Payne July 12, 2011 at 7:12am

    Depends on what step you are on, are the buyers agent?

    My experience with Suntrust is that once they get the full short sale package, they will sent it to a set up person, that set up person then processes the file and sends it to the negotiator.  The appraisal is ordered and submitted and the file is then reviewed and approved, denied or countered.  When was the appraisal ordered?

  • Ama Gyesi July 12, 2011 at 5:02am
    All the listing agent said was its being appraised. Do you know how many more steps are left?
  • Jeff Payne July 12, 2011 at 4:06am

    Not likely.  WHo has the file now? Is it still in the set up department or has the negotiator been assigned?  Who is the investor on the loan?
    Ama Gyesi said:

    Thanks Jeff, Do you think theres anyone I can email to speed it up?



    Jeff Payne said:

    My latest one took just under 90 days for approval, the one before that was right at 60 days for approval. The only thing that cash helps is that you can close faster once you get approval.  Suntrust used to be very slow but I believe like most, they are more understanding of the process now
  • Ama Gyesi July 12, 2011 at 1:54am

    Thanks Jeff, Do you think theres anyone I can email to speed it up?



    Jeff Payne said:

    My latest one took just under 90 days for approval, the one before that was right at 60 days for approval. The only thing that cash helps is that you can close faster once you get approval.  Suntrust used to be very slow but I believe like most, they are more understanding of the process now
  • Jeff Payne July 12, 2011 at 1:51am
    My latest one took just under 90 days for approval, the one before that was right at 60 days for approval. The only thing that cash helps is that you can close faster once you get approval.  Suntrust used to be very slow but I believe like most, they are more understanding of the process now
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