Banks are beginning to see the best they can do is close the Short Sale and accept the loss. If they don't we have an even greater number of REO's dumped on the already saturated market place which is driving prices even lower. The biggest problem is when asset managers hire their favorite BPO agent to come in and do a BPO in an area they are not familiar with. The lender then sets an unreal price that won't be competitive in the current market. Further slowing down the sale.
I have heard Countrywide is hiring more negotiators to help with the overload of NOD's. But are they educating them? What are their back grounds? I know it's a number's game and nobody wants to take a loss. But how can they make rational decisions faster? The longer it takes to negotiate a Short Sale the more the market drops. What makes the most $ense closing a Short Sale in 30-45 days or going the Trust Deed Sale route and taking 6 months or more to get it back on the market to sell?
I don't think it's 100% the borrower's fault, lender's need to take some responsibility as well. Any time you give money for nothing there is going to be a back lash. And that backlash is the market right now over saturated. I personally didn't participate in the housing frenzy but allot of Realtors in my area did and have lost their own homes. I go to sleep with a clear conscious. I make my payments. And I help those that did get caught up. I find it very sad and it really hurts my heart.
I am working on a Short Sale with a seller who got in way to deep and pretty much is losing everything, including his dignity. I think most would have written him off, but I keep trudging ahead. In the prelim title report it turns out he has 4 liens and a tax penalty assessment. I have negotiated with the two banks and two attorney's and have agreed to pay them out of my commission at the close of escrow. My buyers are wonderful people and after showing them 30 plus homes they really want this ONE! So on we go trying to just get to escrow and hopefully a happy ending for all.
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