As the leader in Short Sales in Georgia, we’ve developed a list of banks that we do not like. Of course, Bank of America would be on this list but what others?
Aurora Short Sale
Aurora short sales have this impossible to understand practice of resetting the ENTIRE process once a new buyer is presented. For example, they agree to receive $100,000 in as a payoff, but because it took too long, the buyer walked. We present a $120,000 payoff to them and it takes another 6 months to get approved.
Problems with Aurora Short Sale:
- 6 Months typically from start to finish
- Restart at near the beginning if buyer names changes
Unique Notes regarding Aurora Short Sales:
- System seems to be similar to Suntrust, in that you can talk to a rep about the short sale file.
- System seems to be similar to Bank of America in that you restart at an early phase.
Suntrust Short Sale
Suntrust is the one mega bank that is just so hard to figure out. They take forever, but they have some of the best approval letters on the planet. Unfortunately, during a Suntrust Short Sale, you will likely only get ONE chance to talk to a negotiator. They send you to the reps that can check out the system, meanwhile the negotiator may call you at 7:30 AM on Saturday to request something in 48 hours.
Problems with Suntrust Short Sales:
- 6 to 9 months to close the Short Sale
- No communication from negotiator
Unique Notes with Suntrust Short Sales:
- Approval letters don’t typically have the buyer’s name, making the inevitable buyer substitution easy.
1. WINNER FOR WORST SHORT SALE BANK – Ocwen Short Sale
Has anyone actually talked to someone at the short sale department at Ocwen? This is a joke. It takes roughly 1 hour just to go through their system, their paperwork suggests that it’s likely better to go through foreclosure and the staff is both overworked and underpaid.
The biggest thing is that Ocwen is so bad at handling the short sale, the home owner is now encouraged to allow the foreclosure process to take it’s course. The thinking is that Ocwen’s foreclosure department is most likely as inept as the short sale department.
Problems with Ocwen Short Sales
- 1 Hour or more to talk to a representative
- Representatives are unknowledgeable
- Paperwork and negotiation tactics are harsh, encouraging the home owner to allow foreclosure.