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

By
Real Estate Agent with RE/MAX Distinctive / LIC in VA

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

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

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.

Oct 15, 2011 12:35 PM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

#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.

Oct 17, 2011 12:38 AM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

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!

Oct 25, 2011 11:34 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

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.

Oct 30, 2011 11:47 AM
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

If more banks took that approach, we could work through these short sales more effectively and our market would bounce back more quickly. 

Nov 02, 2011 10:36 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

As the famous words "it could happen" right Jeff I am not sure but I hope someone gets it before the whole economy collaspes.

Dec 08, 2011 05:57 AM