Hoping that NAR is able to make the banks respond to the short sale dilemma of taking forever, to close on a property.  The banks lack of response is not believable.  Of course, they don't want to let their clients just walk away from debt.  I understand that.  However, would some money in their bank for a bad loan, be better than no money while the house sits empty for a year or more? 

If the property ends up in foreclosure, they receive even less monies for that property.  There has to be something that we are missing.  Empty homes and homes with owners that are living there "free" because the property isn't selling.  Even when a contract is accepted and signed by the sellers, the bank continues to take much longer to decide if they will accept that offer.  I would rather they responded sooner and let the buyers move on.  The waiting game is wearing thin.  Much of our inventory is upside down.  I now have buyers that refuse to even consider a home that offers a short sale.  Sad, some of these homes are really good buys. 

How can you lock in a rate at a bank?  Nothing is started on the buying side, until the seller's bank approves the short sale.

Are these banks really asking to keep this inventory?

 

Sharing the good life,

Frances   

Oh, By the Way...if you know of someone who could use my good services, please send me their contact information.  I will follow-up and take good care of them for you.  I am never to busy for you or your referrals!

 

 
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5 Comments on Frustrating Short Sales!

JUL
20
280,196 Points 14 Featured Posts Outside Blog Called Shot Master

and if the tax credit on short sale expires on 12/31/12 then it will really turn into a huge challenge to get short sales completed
4:06pm • #1
306,123 Points 6 Featured Posts

The people that are in charge of the rubber stamping portion of short sales/ foreclosures don't really care about the property and whether or not to property gets sold.  Their managers who are in charge of these portfolios should be more on the ball with thier rubber stampers.
4:07pm • #2
410,660 Points 5 Featured Posts Outside Blog Called Shot Master

Mark, After January 1, 2013, whatever monies that are forgiven for a seller by the bank, will be added to their income on the US tax.  Love how they propose to be "for the middle class."  The banks are the only winners!

Jennifer, So, are they doing their jobs?  You would think that they would want job security, but, apparently, job security for them is to not do their job.  Banks are in a "for profit" business.  We do need someone to step in and let them know that this is not acceptable. Holding people hostage by delaying closings is not good business practice.  Some of these sellers have lost their homes due to illness and loss of jobs.

Funny, they cry out that they want to see candidate's tax forms.  I want to see a candidate who can fix this mess that has been happening.  I don't care about how much money he has.  Obvisouly, he needs to be successful in his private life, to step in and save our country. Having expertise in business is key to saving our country and turning around the real estate market.
4:36pm • #3
JUL
21
1,404,292 Points 54 Featured Posts Outside Blog Called Shot Master

I have a PA on a house that the bank hasn't even achknowledged that they eve received the offer as of yet and it has been almost 3 months.
4:54pm • #4
JUL
25
410,660 Points 5 Featured Posts Outside Blog Called Shot Master

William, Really?  That is just insane.  How unfair this is to all concerned.
9:04am • #5

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Frances C. Rokicki, Broker~Mentor,CRS

Bolton, CT

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Fran Rokicki Realty, LLC

Address: 19 Anthony Road, Bolton, CT, 06043

Office Phone: (860) 646-3455

Cell Phone: (860) 983-5228

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