My question back to you is........... if you were a business owner how much money and manpower would you put on a project that was going to lose you tens of thousands of dollars monthly?

That's what happens with banks.  They don't have a huge department handling short sales.  The people that handle them at the bank are over worked and understaffed for the amount of Metro Detroit short sales that come through.

When an short sale offer is submitted to a bank the bank asks the seller for all the information to prove that their is a financial hardship.  Some of the documents the bank requires to prove a financial hardship are:

• tax returns
• w-2s
• recent pay stubs
• financial hard letter
• medical records if it pertains to medical condition
• the banks forms

Usually the seller has to be late on the house payments.  Once the bank gets the hardship documents they hire an appraiser or real estate agent to give them a fair market value of the Metro Detroit home.  Then it sits on a somebodies desk.

At some point they assign a negotiator to handle the case.  Again it takes time.  This bank personnel is handling lots of cases.  There most likely be lost documents, no communication, memory lapses.  The banks are over whelmed.

Then the other issue I see is that you have is that you have a guy making $50,000 that is making a decision to have their bank lose $100,000 or more in some cases.  It sometimes has to go through multiple layers of approval.  Sometimes there is another bank to deal with.  It is going to take time to get a Metro Detroit short sale done.  A metro Detroit short sale can take up to 6 months.  So if you aren't patient or if you don't have the time don't put an offer on a short sale.

Russ Ravary your Metro Detroit real estate agent

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