Short Sale Blog

In the month of April, 2010 - Seattle Short Sales, Inc. received 22 short sale approval letters. The total discounted debt totaled $2,244,000. Since Feb 15, 2010 - Seattle Short Sales, Inc. has received 56 short sale approval letters.

Of the 22 short sale approval letters received in April, 15 banks were represented. BAC Home Loans (Bank of America's servicing arm) and Wells Fargo each had three, while Chase, CMS Carrington and Indymac had two each.

The fastest company was Specialized Portfolio Servicing, generating an approval letter in only 15 days. Hot on their heels was HSBC at 16 days. The majority fell in the 30-90 day range, measured from the day we submitted the file to receiving the approval letter.

The longest was Bank of America Home Loans with an approval letter that took 290 days, with Chase, not far behind at 221 days. These two weren't surprising. The Bank of America loan was a former Countrwide Loan, and the Chase loan was a former WAMU/Long Beach loan. Historically, those two loan portfolios have taken the longest to negotiate.

If you are a homeowner, and have any questions about short sales, and how to get started, please fill out this form.

Best,

Ross Kilburn