Dave Liniger, RE/MAX International Chairman and Co-Founder, recently urged government and economic leaders to push lenders to release foreclosures to help speed their short sale processing so the housing market can recover. Liniger made his comments as a featured speaker at the Five Star Government Forum in Washington D.C. The Forum brought government and industry leaders together to share ideas for building stability in the nation's housing market.
A proactive approach and current information is the only way to get things moving. Buyers can be very unfamiliar with the process of short sale, but for banks, this is the best avenue to clear these properties. Foreclosure is much more expensive, and it does stigmitize the property. In addition, the buyers excitment for the home decreases as time goes by, unless they are "Getting a Hell of a Deal", otherwise why take in the risk of "as is" homes and waiting and waiting.
I experience it everyday, the frustration of someone who is not familiar with the local market, taking forever to decide if an offer is good or not. They also base their decision on BPO's or apprasials that track past sales, but if the market is declining...those may not be accurate. Don't get me wrong, the bank needs to protect themselves from low values and fraud. Banks need to staff up with qualified people and move these processes to a more resonable time frame. The general public that is familiar with process are ready to buy, but many are reluctant to make offers because the time for approval is to long.
Come on, lets go...the option arm reset storm is coming and lenders need to get there acts togather, and stop beating up on their sales force, we are the front lines for them.