Which Lenders are the Fastest for Short Sales?

RealtyTrac recently put together a list outlining which lenders/servicers move through the short sale process the fastest and the cheapest. The frontrunners? Freddie Mac, Fannie Mae and FHA have the shortest timelines with 193 days, followed by Ally Financial at 321 days and PNC Financial at 353 days. The short sale timeline being used as a measure starts as soon as the property begins the foreclosure process to the date it is sold as a pre-foreclosure. The new guidelines instituted by the GSEs, which call for a decision within 30 days, will surely change the game. BOA followed quickly by implementing a 20-day short sale decision timeline. As far as pricing goes, the GSEs again lead the way, selling homes for the least amount, averaging just over $128,000. Read the complete article here.
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