San Diego Short Sales Myth of The Day - Banks Slow Play Short Sale Approvals in Hopes of Another Bailout

Here's another San Diego Short Sale Fairy Tale I heard today...



Banks Are Slow Playing the Short Sale in Hopes of Another Bailout.



It's amazing to say the least. There is so much misinformation, disinformation and flat out wrong information regarding San Diego Short Sales out there at the moment that it's a wonder the general public manages to get their collective head around any of the myriad things that are going on...

It's true that short sales are better for all involved compared with foreclosures... except to the cash buyers looking for bargains.

More foreclosures mean more losses to the Lenders, lower house prices all around are properties sit on the market longer through a short sale process without a successful conclusion.

If any real estate agent thinks that Banks are dragging their feet on San Diego Short Sales they really need to wake up. Knowing the numbers about how much money a Lender loses in a foreclosure versus a short sale is one pretty strong piece of evidence that states a preference for avoiding the Bank owning properties.

If you've been hearing from your agent that Lenders are dragging their feet on Your San Diego Short Sale.... watch out.

Maybe that was true at the beginning of the crisis, when we as a nation felt the hubris to throw billions of bailout dollars around like so much candy. Seeing what's going on in the negotiations in Congress lately regarding the debt ceiling it should come as no shock to anyone that the likelihood of more bailout money to the Lenders is remote at best.

The well is running dry and Banks have seen the writing on the wall. Why else would a bank like Wachovia sent specialists into the region to personally give approvals in 4 hours on each short sale submission in Southern California?

When I was speaking to the vice president of the region, he gave me his direct line to assure me that any file I submitted that involved his bank would be made as much as possible to happen like a regular sale, thus making the process as pain free for a buyer as a regular sale, and thus helping to prop up the pricing by making San Diego Short Sales comparable in terms of time to conclusion as a regular sale.

Wachovia gets it.

Other banks have made similar pledges and are getting on board with this kind of program.

Everyone is understanding that in this case in particular, in terms of the San Diego Short Sale, time is money.... more time on market, less money to the lender.

Banks are not dragging their feet in hopes of a bailout...

If you need mortgage relief, if you want to learn more about the Nine Alternatives to Foreclosure in San Diego, if you're looking for answers.... it's simple... just send me an email at vincemceveety@gmail.com and get enough information to make the right decision for you.