Short Sales are missnamed

By
Real Estate Agent

Through the years our industry has seen many changes.  For those of us who have been arourd for a while, we remember the 15% - 18% mortgage rates as well as the boom times of a few years ago. Then there were multiple offers on the same property, all above the listing price.  Like all markets, real estate is cyclical and we will survive this cycle. 

HOWEVER,  I'm really frustrated, angry and sad about the "Short Sale" situation.  It really should be called "Long Sale."  Recently I had an offer for one of my listings.  Buyer had proof of funds and loan approval.  Though there was a loan mitigator in place, we did not receive any response from the bank, despit numerous calls and faxes, over a four month period.  Yesterday, someone (I assume the bank) removed my lock-box and changed the locks.  I know some lenders are making a concerted effort, but some are not.

Short Sales should be called Long Sales.

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