The normal short sale with my office usually takes between 45 and 90 days to obtain an approval. The bank/servicer usually gives the party a 30-day window to close after approval. Some banks/servicers traditionally take longer and some take less time.
Additionally, there are 8 steps to a successful short sale and we complete each step every time we handle a short sale. I feel this is the fastest and surest way to get through the approval process. I say this because I am going to give timelines that we experience. If certain steps are not completed then the time to completion is longer and the success rate substantially lower. Our approval rate is 90% or better.
We have completed well over 400 short sales. The following is an updated list of the primary banks and servicers that we work with on a regular basis and the “time to approval” we are experiencing on a non-FHA short sale. [FHA short sales are taking longer than a conventional Fannie Mae/Freddie Mac short sale with the same bank/servicer]
Banks:
BOA: 90+ days to complete. (They will try to close the file at any opportunity.)
BB&T: 45 – 90 days to complete.
Chase: 45 – 90 days to complete.
Citi: 45 – 90 days to complete.
Fifth Third: 30 – 45 days to complete.
First Citizens: 30 – 45 days to complete.
Navy Federal Credit Union: 45 – 90 days to complete.
PNC: 45 – 90 days to complete.
SECU: 30 – 45 days to complete.
SunTrust: 45 – 90 days to complete.
US Bank: 120 – 180 days to complete.
Wells Fargo: 45 – 90 days to complete.
1st Bank: 30 – 60 days to complete.
Servicers:
Bayview/M&T: 30 – 90 days to complete.
Caliber: 30 – 60 days to complete.
Cartus: 120 -180: days to complete.
Greentree: 45 – 90 days to complete.
Ocwen: 45 – 90 days to complete. *
PHH: 120 – 180 days to complete.
SLS: 45 – 90 days to complete.
SPS: 45 – 90 days to complete.
Truliant: 30 – 45 days to complete.
NationStar: 120 – 180 days to complete. *
Quicken: 45 – 90 days to complete.
*It could take at least 45 days longer if the servicer puts property on Auction.com or HubZu.com