Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

2012 BEST BANKS FOR SHORT SALE TRANSACTIONS; DON’T BELIEVE THE HYPE!

RealtyTrac published an article on the best banks for short sales in 2012.  However, anyone buying or selling a short sale, knows they vary greatly based on the negotiator handling the file.

As a real estate agent in Chicago, handling a short sale transaction has become the “norm”, and through personal experience I can tell you this list means nothing.  Some of them are smooth and others are ridiculously long and make absolutely no sense.

It truly comes down to who is handling the negotiations on the bank and seller’s side.  If either person is incompetent a short sale can take month’s and in some cases never happen.

During a recent transaction, I had a buyer offer about $86,000 for a condo.  The bank accepted the offer after 3 months, but when the appraisal came in at $78,000, they refused to lower the approved price to match it.  So of course the buyer canceled the contract, frustrated and disappointed.

One week later another offer came in at $71,000 and about 45-days later the bank accepted it, along with offering the buyer a 3% closing cost credit.  Does that make sense?  Absolutely not.

So take the below list with a grain of salt and read this article if you are considering a short sale….there is no consistency to the madness.

Please post your comments if you work in a bank on short sales as a negotiator, we are ALL curious to know what goes on behind the scene.

NEED HELP WITH BUYING OR SELLING A SHORT SALE IN CHICAGO?  CONTACT britta.rivera@comcast.net.

1. PNC Financial Group Avg. Pre-Foreclosure Sales Price: $133,015 Avg. Percent Discount: 40% Avg. Days to Sell: 151

2. Government Entities (Fannie Mae, Freddie Mac and HUD) Avg. Pre-Foreclosure Sales Price: $127,618 Avg. Percent Discount: 42% Avg. Days to Sell: 154

3. Ally Financial (Formerly GMAC) Avg. Pre-Foreclosure Sales Price: $143,410 Avg. Percent Discount: 35% Avg. Days to Sell: 188

4. Ocwen Financial Avg. Pre-Foreclosure Sales Price: $126,071 Avg. Percent Discount: 43% Avg. Days to Sell: 168

5. Sun Trust Banks Avg. Pre-Foreclosure Sales Price: $151,308 Avg. Percent Discount: 32%        Avg. Days to Sell: 207

6. Bank of New York Mellon Avg. Pre-Foreclosure Sales Price: $155,488 Avg. Percent Discount: 30% Avg. Days to Sell: 283

7. Bank of America Avg. Pre-Foreclosure Sales Price:  $166,389 Avg. Percent Discount:  25% Avg. Days to Sell:  223

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July 11, 2012 - Posted by | REAL ESTATE NEWS | , , , , , , , , ,

1 Comment »

  1. Short sale is not a cup of tea for everyone. It requires a lot of skills and knowledge to close a short sale. Some of the banks and lenders are very difficult to work with them. After the recession in the real estate industry banks are trying to recover as much as they can, so they don’t let the property go easily. In this way they get more difficult to coordinate.

    Comment by Andrew Alex | April 8, 2014 | Reply


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