I am astounded at the numbers of good people who are in distress with regard to their homes. I am doubly astounded at the number of Realtors who take on the challenge of a short sale without the knowledge of what it takes to professionally and competently represent a seller in this situation. Multiple offers being presented to the bank, some unsigned are clogging up the bank's processing centers and making it difficult for those who are professionally representing both the seller and the lien holder by trying to get as close to market value sale price on these homes.
These banks want to sell these properties to avoid the expense of foreclosure but they are not giving them away. Instead they are selling them at a discount percentage of current market value. Sending in dummy offers to "get the ball rolling" is not helping. We should be sending in legitimate sales contracts from legitimate buyers with funds in escrow that are willing to wait for an answer. The buyers should be counseled in the process so they are prepared to wait and are not expecting an answer in two weeks. The sellers should also be counseled and should be fully cooperative - without the seller's cooperation - there will be no sale.
PLEASE do learn as much as you possibly can before attempting to do a short sale. If you don't have the time or inclination - refer the listing to an agent you know who is experienced.
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