Home Selling in Chicago>Question Details

William Chu, Real Estate Pro in Lisle, IL

Realtors, asking for your feedback from your experience getting call back or replies from Asset Manager with Lender to approve your short sale?

Asked by William Chu, Lisle, IL Wed Sep 14, 2011

Interested to know how long you had to wait to get call back or reply from when you submitted all necessary info for short sale approval.

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Depends. I find each short sale has their own set of issues and it depends on the negotiator assigned and the platform used to submit. Equator is easy but not all lenders are on equator. I find chase the most difficult.
0 votes Thank Flag Link Sun Oct 16, 2011
It really depends.... what bank, how many mortgages and.......who takes care of the file, what kind of person...... average is 3-4 months. I think these people should be paid (at least partially) based on commission...more closed deals... more money and it would motivate them to work on that better, faster.... what you think....?
0 votes Thank Flag Link Thu Sep 15, 2011
Average is about 90 days.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Thu Sep 15, 2011
On the list side I've gotten responses in as soon as 4 days and usually no more than 45 days. The exception to the rule is with bank of america, they can take forever. I believe that if you have a good lawyer who is aggressive you can get a relatively quick response.

on the list side I recommend Don Kiolbassa. He can be reached at 312 782 9035 or Dhk@gbataxlaw.com.
0 votes Thank Flag Link Thu Sep 15, 2011
The response time I've experienced has been over 90 days at a minimum. Just a comment. I see why buyers walk. These asset managers whatever the case may be act as though they could care less about the transaction. I think its because they get a salary and feel no urgency at all. And, after they have put everybodys life on hold when they want to move its do it now or lose the deal. To me it private sector bureacracy at its worst.
0 votes Thank Flag Link Thu Sep 15, 2011
It's been very varied for me, from 3 months to 6 months.
0 votes Thank Flag Link Wed Sep 14, 2011
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