Just like a lot of other Real Estate professionals... REALTORS, Title Companies, etc. , we have been trying to do the impossible! To successfully negotiate through the jungle that is known as the banking "short sale process" towards a merciful end for our clients and to produce revenue for our real estate business... not to mention helping to clear the glut of short sales & foreclosures that are choking our Real Estate market and preventing it from stabilizing and becoming healthy again! We can EVEN help the banks get what THEY want.... more money for toxic assets and smaller deficiencies!
The problem is that we are working with a BROKEN BANKING SYSTEM where common sense and logic play no part!
We patiently plod along, with our clients in tow, through the maze of paperwork, the never ending phone calls, difficult negotiations, heart wrenching details.... thinking that we are getting close to accomplishing a win-win situation for all under the most dire of circumstances.... then.... WHAM!... a bank negotiator that we've established a rapport and open line of communication with, (after painstaking patience & diligence on our part) leaves, gets laid off, falls off the face of the earth... WHO KNOWS WHERE THEY GO! No one ever seems to know or care! The file goes into "Short Sale Limbo Land" and is reassigned... to who? They never call with that information!.... the only way to find that out is solve the mystery that becomes..."Short Sale, Short Sale....Who's got the Short Sale File?" ...OR...
We plod along trying to keep a buyer loyal to "THE TRANSACTION FROM HELL" forging through months of empty deadline promises, ignored phone messages, stubborn INVESTORS that say "NO" to a perfectly fair offer (supported by comps & market statistics, I might add!), extensions because of delays that really shouldn't be necessary, and "missing" workout negotiators that get replaced by "mystery" negotiators that don't identify themselves but wait for you to find THEM! The transaction drags on for so long that: the buyer walks, the property owner loses precious time before foreclosure is eminent, AND the banks lose perfectly good deals that most certainly would put more money in their pockets than they will ultimately get with another offer which will clog their systems even more and produce less revenue and cause larger deficiencies! These "toxic" assets then continue to compete with normal home sales and continue to drive down everyone's property values and belabor the recovery period.
Might I add... that most Real Estate deals today are short sales and foreclosures and this "BROKEN BANKING SYSTEM" is preventing us, as REALTORS, from enjoying our CONSTITUTIONAL RIGHT TO MAKE A LIVING!
Has the banking industry asked us for our suggestions or put together a panel of experts in the REAL ESTATE INDUSTRY to aid them in fixing their systems? WHY NOT? Is there some advantage to them to continue on with this devastating course of events?
Lots of questions and opinions... but no conclusive answers.
BANKERS...ARE YOU LISTENING?