The Tampa housing market is loaded with short sales and pre-foreclosures. Yes, many of these homes are closing but I am frustrated with the amount of time it takes to get to closing. Only 1 of every 5 short sales I have done has the original buyer stuck through to the end of the deal.
I can not understand why they take so long. Sure, when the market started turning and short sales were something new to everyone I could understand 6 months to a year. Now, we are 2-3 years into this market and short sales still take 6 months. Granted, the banks do not want to take a loss and they don't want to lose more on the short sale then they would on a foreclosure but it is time to streamline these things.
The listing agent should list the home, get a contract and a real appraisal. Submit the package to the bank and the bank agrees to sell the home at appraisal value. This all could realistically take 2 weeks from contract to approve and off to the closing process you go.
The problems is too many people need to touch that file to approve it. The lending institutions do not seem to realize the faster they get these homes off the market, the faster the housing recovery will be! Wait, that would be basic supply and demand...right?
If you are trying to avoid foreclosure and need some advice where to start visit www.waytoshortsale.com. It is a personal story and a do it yourself guide.
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