I know where we are short sales are taking forever but not because of the agents as many consumers say but the banks. I also know by law until the banks except an offer in writing the banks can except multiple offers in our area.
I had a listing (short sale) that went on for months and months with an offer on it when the market was totally in its lowest low and the offer was reasonable for that time ... then after almost a year of fighting with the 1st, 2nd, and 3rd we finally get the banks to all agree and we get another offer almost 8 months for more money and because the market had improved and the appraisal supported this the poor buyers in 1st position could no longer afford the house that they waited for 8 months and lost the home.
I felt terrible but what do you do?
In our market place its the banks I still think. They have a certain amount of time to respond to offers but they are also the ones that let you know when they get the offers. Fax cover pages and Fed Ex receipts do not seem to matter to the banks eather when trying to prove that they have recived offers and files.
While I hate more regulation on anything I do feel that something needs to be done to the banks making them more responsible to respond to offers and make "time of the essence" when working on files.
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