Short Sales Today

Short sales today across the board seem to be easier to process. But it's hard to lump all traditional short sales together as there are many types and varies of them. Some are easy, most are bears. As banks have realized the money short sales save them over foreclosures and as they have put the infrastructure in place to handle shorts, my job is a bit easier. That's not to say that their aren't difficulties with shorts because there are. Many times the 1st and 2nd lenders don't see eye to eye on how much one is to give/get from the other. Sometimes the amount required by the 2nd and not given by the first needs to come from the seller and they don't have it. I one recent case the 1st required a processing fee from the buyer which the seller is paying. Due to all the crazy things going on within the lending industry, loans are taking longer to process and short sale approval dates expire before the deal gets done so we have to ask for extension(s) and hope we get them. In a recent sale, the lender had accepted an offer then foreclosed on the property, months later after negotiations they abandoned the foreclosure and gave the buyer a discount because the buyer didn't get some closing funds they were to get if we were allowed to close in time. All in all each short is a roller coaster ride and the only way to get back to the station is to ride the coaster till it gets there. That's it for short sales today.