Will Short Sales Overtake Foreclosures?

I saw a recent webinar from Remax and RealtyTrac about the ratio of Foreclosures to Short Sales.

Currently about 3/2. Three foreclosures to Two Short Sales.

Will Short Sales overtake Foreclosures?

 I seriously doubt it. Here's why. I've had 3 Short Sales with firm well qualified buyers become Foreclosures because the Banks, 3 different ones, proceeding with the Foreclosure and refusing to wait for the Short Sale to be approved by the same Bank who is Foreclosing.

I believe the Banks prefer Foreclosure. They just assign the property to a management company and forget about it.

The Short Sales require a lot more effort and some Banks are trying to handle it in house. Most of them are a joke. Never consistent on what documents they want. No order they want them, never the same fax for all the documents. Most won't accept email documents. It takes 3 week for them to acknowledge receipt of the package.

Most of the sellers aren't cooperative either. After 2 weeks they lose interest and stop responding to requests for signatures and compiling documents.

I have the coveted CDPE  designation and have all the resources but without cooperation from Sellers and Banks and extremely patient Buyers and Buyers agents it would be less painful to walk on hot coals.

Just an opinion. I welcome yours.

Dale Falkowski Remax