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Banks and Short Sales
Banks and Short Sales
 
Short sale numbers are growing steadily nationwide, so why is it that there are still banks out there who have not taken the steps to streamline their approval process?
Yesterday I found myself very irritated and angry at a certain bank I am dealing with on the short sale of a listing I hold.
It would seem to me that if the loss is so much greater for a bank once a property goes into foreclosure, then why are they dragging their feet during a short sale? Makes no sense to me at all.

This particular bank went from "3-4 months for a short sale approval" to "we can't even give you a time frame for approval?" What does this mean for the sellers and buyers in this particular situation?
My sellers have been very patient during this whole process. I can't imagine from a buyers perspective the level of frustration they must feel not getting an answer for months on end on whether the bank will approve the short sale.
The amount of time it takes to close a short sale should not be any longer then what it takes to close any other ... more

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