Are some banks finally starting to get it? Maybe, but I don't see it yet. But out of the blue, I get a call from a out of country owner. "My bank wants me to short sell my house. It's been vacant for a couple years, and it's been stripped out inside."... "They want it listed by Oct 14th, and as soon as I have listing agreement signed, they will assign someone to my file withing 48 hours." ... ( The bank gave the owner my name and #). Anyway, they want me to look at it and price it to sell. If it doesn't sell right away, bank wants me to lower the price every 30 days until it does sell. ( Not FHA either). Everyone would like it to be listed and under contract or gone to settlement in 60 days or less if possible.

 Why can't more banks take this approach to getting short sales completed? Just think if every lender trusted agents to give them an accurate value of a property, and said ok, list it for that, and if it doesn't sell, drop the price every 30 days until it does. We want that short sale completed in 90 days or less? Shoot, even if they sent another agent to do a BPO, or even sent their own appraiser right off the bat, short sales would go so much smoother for everyone involved.

Call Jeff Pearl if you think you will be facing a short sale situation now or in the future. It's always better to plan ahead and have time to evaluate all of your options before committing to a short sale.

Jeff Pearl / REALTOR / CDPE / CDRS / SRES - RE/MAX Distinctive / (703) 727-4876 / Equal Housing Opportunity Provider

 
This post has been included in Virginia Real Estate News

6 Comments on Bank Request Rush Job on Short Sale. Not a Joke.

OCT
15
2011
1,949,535 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good luck. 

I find that statement, "Everyone would like it to be listed and under contract or gone to settlement in 60 days or less if possible."

just too funny for words.
7:35pm • #1
OCT
17
2011
176,450 Points 58 Featured Posts Outside Blog

#1 Lenn- I kept thinking it was someone playing a joke after every sentence they told me over the phone. We'll see how long it really takes soon enough, but I would bet it won't be completed in 60-90 days. It's with Chase.
7:38am • #2
OCT
25
2011
316,859 Points 16 Featured Posts Localism Sponsor

Jeff, it is obvious that the banks are playing by a different set of rules.  Apparently they do not need to take action in a business-like manner because they are not worried about profits.....

Hope your listing sells fast!
6:34pm • #3
OCT
30
2011
796,355 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jeff, this is an experience...CHase has been my fastest short selling bank so far...I hope this is a great sign of things to come on short sales...good for you.
6:47pm • #4
NOV
02
2011
199,383 Points 5 Featured Posts

If more banks took that approach, we could work through these short sales more effectively and our market would bounce back more quickly. 
5:36pm • #5
DEC
08
2011
996,155 Points 4 Featured Posts

As the famous words "it could happen" right Jeff I am not sure but I hope someone gets it before the whole economy collaspes.
1:57pm • #6


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Jeff Pearl

Leesburg, VA

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RE/MAX Distinctive / LIC in VA MD DC

Address: Lovettsville, Leesburg, Ashburn, Vienna, Reston, Fairfax,Falls Church, Arlington, VA

Office Phone: (703) 727-4876

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