by Brad Officer
on Thursday, August 26th, 2010 at 11:31am.
The elusive short sale of a SunTrust mortgage has undoubtedly caused many REALTORS to question their chosen field.
The first Short Sale that I ever accomplished was in 2007 and it was a SunTrust Mortgage. Back then, it was very smooth. We spoke directly to the loss mitigation negotiator within a week, we had an answer from the bank in just under 3 weeks, we received the clear to close letter and went to closing within 5 weeks of the offer.
Long gone are the days of "short" in the Suntrust short sale. Most often we wait at least 60 days to finally be assigned a negotiator and then another 30 + to get Suntrust to sign off on the short sale. That's 90+ days for a Suntrust short sale....very painful for everyone involved.
During the 90 days the buyers go through ups and downs of emotional drama and buyers remorse and never know for sure if the short sale offer will be approved, countered, or rejected. The Sellers go through the same drama of keeping their fingers crossed that Suntrust accepts the offer before the buyers don't get frustrated and walk away.
I'm happy to say, we have completed another Suntrust short sale! This is a BIG accomplishment as Suntrust continues to be one of the slowest to process a short sale at 90+ days. Bank of America and Wells Fargo are by far the two banks leading the way in streamlining their short sale process time frame. Suntrust and Chase, could quite possibly be the 2 slowest major banks.
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