Both Inman News and the Sacramento Bee covered a story this morning about the C.A.R. short sale survey in which 2150 real estate agents shared their views about short sales. What I want to know is who are the 1 out of 5 agents who said they were satisfied or extremely satisfied with the timeliness of lender response time?
Because these are the agents on drugs. Or the ones with double-digit IQs. Or the ones who should be locked up and taken off the street because they are a menace to society, and oh, wait, since Reagan days we don't do that anymore.
Or, they could be those agents who have closed only one short sale transaction and that was a Wachovia short sale. Those types of short sales can color perception because they are done so well, so promptly and are streamlined. Wachovia has got its act together. Which makes me wonder why none of it has rubbed off on Wells Fargo.
The truth is if you ask any successful Sacramento short sale agent or any other busy short sale agent in California about his or her satisfaction level with our banks' response times, not one of those agents is happy or satisfied. Not one. The system is flawed, broken, in shambles and needs to be fixed.
Is it better than it was 5 years ago? Sure. Especially with Bank of America short sales. But only a totally crazy person would say it's acceptable to wait more than 60 days for short sale approval or that it's OK to still lose paperwork, fail to respond to inquiries and to make unreasonable demands that change from day to day like the wind.