Short Sale Saga

By
Real Estate Broker/Owner with wayne stone properties

It amazes me that one of the top holder of foreclosures of homes in default can't find a better system for executing sales on properties that people are lined up to buy. It has been over 12 months since I presented a short sale to Countrywide after having jumped through hoops to get the current owner approved for Short Sale consideration. Yet still it takes upwards of 8-10 weeks to get an answer on whether they will consider an offer in writing with all supporting docs included. More often then not the consumer has moved on by then and another moves in only to wait again. Imagine running your business like that? How long would you last? The amount of money lost due to not being able to strike while the iron is hot not to mention the amount of man hours burned by sending the file through several departments before getting to a result is for lack of a better word insane. Since they hold tens of thousands of these type properties or hundreds of thousands imagine the positive impact if they execute a deal like most transactions in a reasonable period and get these properties occupied and off the books. No wonder it's taking so long to get this market moving again but it is moving and things are definately looking better. If your looking for stability there's no place like Texas, God bless Texas....

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