The answer, unfortunately, is not quite as simple as the question. One benefit of working with the major lending institutions (Wells Fargo, Chase, Bank of America, GMAC, etc.) is that they have procedures in place in order to address the insurmountable volume of short sales that come their way. However, some of the major lending institutions have more efficient systems than others.
Navigating Equator
Bank of America, for example, implemented the Equator system for processing short sales a little over a year ago. For those of us who were spending months of our lives on hold waiting for short sale negotiators, this Internet-platform was a needed relief. That being said, the government’s HAFA program and the new Bank of America Cooperative Short Sale Program have muddied the relatively efficient process that Bank of America had created in order to process the short sales.
In addition to the major lending institutions, real estate agents and short sale negotiators also have the pleasure of getting to work with second lien holders—many of which are collection agencies that use more aggressive tactics for exacting payment of what is owed.
But if the mirror was to tell me about the fairest short sale in San Diego County, I think I might hear the words ‘Wachovia.’ In many cities throughout the nation (including San Diego), Wachovia has a local representative who is able to manage the short sale in no time flat. So, if I were to guess, I would say that the mirror might tell me that one lien held by Wachovia might be the fairest short sale in all the land—especially since you can obtain a short sale approval in less than ten days.
So, is your short sale the fairest in all the land or are you beginning to consider eating a poison apple to get through the experience?
Photo: flickr creative commons by ollesvensson
