It seems to me that the extinction of the Realtor is at hand. The abundance of Short Sales and the new hard line tactics employed by the Lenders is causing more and more agents to leave the industry or just avoid Short Sales altogether.
Already there are agents that pronounced their unwillingness to get involved with Bank of America Short Sales...that is quickly being expanded to Wells Fargo, Chase and the once shining star in Short Sale negotiations, IndyMac (now OneWest). How much further into the future will it be until the majority of agents stay away or find another career or niche?
I've been going back and forth with Wells Fargo, who holds both mortgages. The First agreed and the Junior Lien is playing Hard Ball...we offered them $5,000, they said NO!..at least $10,000, they countered...We said OK, they then came back with a Promissory Note for the balance of the amount owed ($85,000). We then tried to find out what it would take to get rid of that Note...they said $38,000 cash, we countered with $28,000. They told us it would be submitted to the Approval Team...Well, the Team said that wasn't enough and countered with $47,000! What happened to the $38,000? But wait! We were told that was no longer available...OH! and the homeowners would still need to sign a note for the balance.