I have been working with short sales for a couple years now from both sides of the fence and the outcome is always following the same pattern.
If I represent the seller, the buyer waits so long for an answer from the bank, they walk before we get an answer. Then we get a new offer and the 3 to 4 month process starts all over.
If I am working with a buyer, they get tired of waiting and we move on to anothe property.
Now once upon a time you could wait until the bank finally called and substitute the offer with the new one and cut to the chase, now they (BOA) ask for the buyers name to make sure we are not jumping the line sort to speak.
The largets short sale holder of property now tells us we can expect in the months to hear a response and it besg the question, aren't the banks always using the motto, "time is money"? They are their own worst enemy at moving out the inventory. 4 to 6 months is too long for an answer and it will ruin the efforts of all the hard working agents to make a living and get these properties off the books.
Ideas anybody? Comments?
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