We've just been given another SunTrust approved Short Sale and the sellers, buyers, and all parties involved are ready to get this one closed.

Suntrust Short Sales are not too difficult as long as the appropriate expectations are set upfront.  The way Suntrust currently works short sales is that all phases of the process are completed in the 60-70 day time frame, and then it gets handed to the Suntrust negotiator.

YES, they do take longer than many of the other big banks, however the legitimate short sales are getting approved.  It's just a waiting game.  The good news on Suntrust is that if you get assigned to a negotiator, you are basically done and should be closing shortly thereafter.

Check out the Suntrust Short Sale information on their site.

One point of information: On their site, linked above, be careful with the information they give about cashing in a 401k, life insurance policies, etc.  I'm not a financial planner nor an attorney, but I would absolutely think twice about cashing in 401k, borrowing against it, or tapping into an insurance policy in order to pay for an underwater home that you can no longer afford.  (Just be smart here).

If you need to short sale your home in Jacksonville, Ponte Vedra, Saint Augustine, or Orange Park, Contact Brad.

Need more information on Short Sales?  Read the complete Short Sale guide.

Posted by Brad Officer on
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