Naturally, people want to have a sense of control over their time, so most sellers ask early on in Wellington short sale intake evaluations. The answer is like most answers about short sales- “IT DEPENDS!”
That’s usually about as popular as Brussels Sprouts for dessert- it’s so vague! But in short sales, things change from month to month, week to week and sometimes even day to day. The one thing that is constant in short sales here in Wellington, in Florida
and everywhere, is change
The major factors that determine how long your short sale will take are:
- How many loans you have on your property.
- How long it will take to get a good offer.
- Who the servicers are for your loans.
- If the servicers also own your note and if there is a private investor involved.
- If there is mortgage insurance the lender took out on your property that adds another party who has to approve the short sale. If your listing agent has contacts in the executive department at the servicer or not.
- What the BPO on your property comes back at, and how close to the offer price it is.
- And last but not least, can the buyers agent keep the buyer in the deal long enough or not.
A few years back, Countrywide was still doing many short sales and they most often took over six months to approve one. Later, Bank of America assumed Countrywide’s short sales and BofA became the worst bank to deal with everywhere. Wellington FL Short sales dragged on month after month and we even had some that stretched out more than a full year.
Things change. That was then, but today, Bank of America is one of the easiest banks to get short sales done with. We can often get Bank of America short sales in Wellington and Florida approved in 40 to 60 days, and in some cases, faster. Conversely, Chase used to be great to work with until they merged with WAMU who was awful. Then it seemed Chase took over WAMU short sales and the process became slower than snails. Further, other companies handle their seconds like FSLO and others that are simply awful and rude. But, more recently Chase became very interested in expediting short sales. They even called us after previously denying short sales to see if we could revive them and they would get them approved. They are now also offering sellers with certain loan products up to $20,000 to do a short sale and have the entire deficiency waived.
Sometimes, the best thing for a Wellington FL homeowner to do is to allow the short sale process to happen- get an agent who has a lot of experience with different lenders to list your property and help you maneuver through the Florida short sale process. Your short sale can take anywhere from 3 weeks to 6 months and sometimes longer. They are often completing a lot faster than they were several years ago.Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.
Call a Wellington Florida Short Sale Agent in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.