National backlog stats for short sales

[Michael Paul Eau Claire]

I'm interested in finding out how long specific banks are taking to approve short sales across the country.

I think it would be helpful to have some sort of national stats for specific banks. It would be a great resource for buyers and sellers, to help them estimate how long this whole process might take.

I blogged about my current experience with GMAC and Washington Mutual here:
http://www.realestatewebmasters.com/...ate/5396/show/

Has anyone else dealt with these banks on short sales? How long did they take?

How about other banks?

[RyanRE]

No, I have chosen not to work with any short sales or foreclosures. They seem like a pain and I have enough on my plate.

[REOagent]

I have closed and also lost a few short sales, the ones that i close averaged 6-8 months to close and it was not worth the work. Since the banks have an over supply of short sales, they don't have enough people to work on them.

[Michael Paul Eau Claire]

well, this is encouraging!

[bigpimp]

the short sales take at least 2 months to get back to you here in San Diego

[Bhamhomes]

Wow...after the recent changes in state law regarding distressed properties...I think I'm a little distressed after all this new paperwork. What ever happened to the days of one to two pages to a purchase & sale agreement. I'm not looking forward to representing any short sale clients. Thank god we don't have too many foreclosures up here in the Northwest.

[Tsena]

No, I have chosen not to work with any short sales or foreclosures. They seem like a pain and I have enough on my plate.

Short sales are a pain!!! You would think banks would be a little more willing to work with you. Banks and lenders usually can minimize their losses selling as a short sale as opposed to foreclosing and then selling as a REO. But thats just not the case?

[jamesww]

To have a real chance at selling short sale properties you have to get a ok on the original listing price. This also helps you get to know who is handling the file you are working on. That lets you speed up the sales process.