This might explain why I let another agent in my office get all my short sale Referrals. Short sales are not for the faint of heart on the buyers side. Really should only be done by seasoned buyers or professional investment groups
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Is there progress among servicers in the short sale world? REO Insider recently reported on how Deutsche Bank ranked top mortgage servicers based on short sale timelines. Here's how the rankings shook out based on mortgage type and average time to complete short sales. We know there's progress in the industry (agent education, new processes, HAFA, etc.), and we'd love to know what you think about this:
Prime:
1. GMAC - 6 months
2. Citigroup's servicing arm CitiMortgage - about 7.5 months
3. Wells Fargo - roughly 8 months(Countrywide - now owned by Bank of America - had the slowest short sale timeline at an average of more than 13 months)
Subprime:
1. Wells Fargo - more than 15 months
2. HomEq Servicing - 16 months
3. Morgan Stanley's servicing arm Saxon Mortgage Services - at a little more than 17 months(Equicredit and Ocwen came in last with an average of more than 29 months on their short sale timeline)
Option-ARM:
1. JPMorgan Chase's EMC Mortgage - just over 8 months
2. Aurora Loan Services - 10 months
3. GMAC - just more than 10 months(Again, Countrywide brought up the rear with a short sale timeline at almost 14 months)
Alt-A:
1. First Horizon - just over 9 months
2. Both Wells Fargo and Aurora - roughly 11 months(Here's Countrywide again at the bottom at more than 13 months for their short sale timeline)
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