Subscribe
1-888-746-7820

7 Best Banks for Short Sale Bargains

Pre-foreclosure sales (typically short sales) increased to a three-year high in the first quarter of 2012 even as the average pre-foreclosure sales price reached a record low — making 2012 a prime time to purchase a short sale.

But the process of buying a short sale and the discounts available can vary widely based on the lender/servicer/investor involved in approving the sale. Some banks are approving short sales more often, more quickly and at lower prices than others.

In light of that RealtyTrac has ranked the best major banks to work with when buying short sale homes. These rankings are based on a combination of three factors: year-over-year increase in pre-foreclosure sales for the first quarter; biggest discount on pre-foreclosure sales (compared to the average price of non-foreclosure homes in the first quarter; and the average number of days to sell a short sale (from foreclosure start to sale date).

Find short sale bargains in your neighborhood.

1. PNC Financial Group
Avg. Pre-Foreclosure Sales Price: $133,015
Avg. Percent Discount: 40%
Avg. Days to Sell: 151

2. Government Entities (Fannie Mae, Freddie Mac and HUD)
Avg. Pre-Foreclosure Sales Price: $127,618
Avg. Percent Discount: 42%
Avg. Days to Sell: 154

3. Ally Financial (Formerly GMAC)
Avg. Pre-Foreclosure Sales Price: $143,410
Avg. Percent Discount: 35%
Avg. Days to Sell: 188

4. Ocwen Financial
Avg. Pre-Foreclosure Sales Price: $126,071
Avg. Percent Discount: 43%
Avg. Days to Sell: 168

5. Sun Trust Banks
Avg. Pre-Foreclosure Sales Price: $151,308
Avg. Percent Discount: 32%
Avg. Days to Sell: 207

6. Bank of New York Mellon
Avg. Pre-Foreclosure Sales Price: $155,488
Avg. Percent Discount: 30%
Avg. Days to Sell: 283

7. Bank of America
Avg. Pre-Foreclosure Sales Price:  $166,389
Avg. Percent Discount:  25%
Avg. Days to Sell:  223

Source: Realty Trac

By Realty Trac Staff

Leave a Reply

Latest Posts

  • Leon Cook
    Leon Cook
    As the CEO of Short Sale Experts, Inc. Leon and his staff have...
  • Sara Ard
    Sara Ard
    As the COO of Sale Experts, Inc. Sara and her negotiations team have...

Address

925 B Street Suite 102
San Diego CA, 92101
Phone: (888) 746-7820
Fax: (888) 597-2040
Website: http://shortsaleexpert.com
Email: info@shortsaleexpert.com

Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820
info@ShortSaleExpert.com