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?
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