I currently am working with 3 sellers and 2 prospective buyers on short sale contracts that are in limbo with various banks. The answer to this question various from bank to bank but most major banks are taking a considerable amount of time to do even the most basic tasks.
Here is a list of the ridiculously long time frames banks have recently given me for various tasks related to a short sale:
Receive a Fax - 72 hours Yes, it takes a person at a bank 3 days to actually get a fax.
Answer a voicemail - Never If you are lucky enough to get a direct number for someone and they haven't let their voicemails become completely full, don't bother leaving a message. That is because they know all the messages are about the files they are not working on so what is the point.
Answer an email - Never This is against all banks policies because it will put something in writing and they don't want that to happen and come bank to haunt them.
Assign a negotiator - 30 to 45 days This is how long it takes JP Morgan Chase to send a file to a negotiator. And also B of A, Cit and Aurora. Not sure how far they have to send a digital file but for some reason it takes them over a month. And I know they use digital files because they always tell me their computers are down and they can see the file.
Order an appraisal - 2 weeks Their phone system is slightly better than their computer systems
Contact the Investor - 30 days It seems that most of the "investors" are so busy that it takes a long time for them to agree to the short sale. I guess they have more money than God because they could care less, much like everyone else at the bank. If only I was so lucky.
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Posted by: email fax service | January 26, 2012 at 08:01 AM