Why do some banks still not get it?
Short sales can benefit all parties especially the lender holding the loan. Saving the lenders from having to incur the cost of foreclosing. Not to mention the potential damage to a vacant property from frozen pipes, vandals, the list goes on... Yet they still take months, in some cases 6+ months to respond to a strong offer at current market value. Some lenders have improved in their response time however I have found that most are still incompetent in that area.
What to do? I advise all buyers of the pitfalls of trying to pursue short sale. However even being fully advised of what to expect they find themselves getting frustrated with the process. I cannot blame them as I too find my frustration level rising as months upon months pass with no progress.
Lenders can accept the offer on the table, counter or refuse it.
Should it really take more than 30 days to get a response?
Raylene Estabrook, Broker
75 John Roberts Road Suite 1A South Portland Maine 04106
Office:207-774-4224x 243 Cell Phone 207-749-1587 Fax 207-774-4225
"Creating Relationships For life"