Are some banks finally starting to get it? Maybe, but I don't see it yet. But out of the blue, I get a call from a out of country owner. "My bank wants me to short sell my house. It's been vacant for a couple years, and it's been stripped out inside."... "They want it listed by Oct 14th, and as soon as I have listing agreement signed, they will assign someone to my file withing 48 hours." ... ( The bank gave the owner my name and #). Anyway, they want me to look at it and price it to sell. If it doesn't sell right away, bank wants me to lower the price every 30 days until it does sell. ( Not FHA either). Everyone would like it to be listed and under contract or gone to settlement in 60 days or less if possible.
Why can't more banks take this approach to getting short sales completed? Just think if every lender trusted agents to give them an accurate value of a property, and said ok, list it for that, and if it doesn't sell, drop the price every 30 days until it does. We want that short sale completed in 90 days or less? Shoot, even if they sent another agent to do a BPO, or even sent their own appraiser right off the bat, short sales would go so much smoother for everyone involved.
Call Jeff Pearl if you think you will be facing a short sale situation now or in the future. It's always better to plan ahead and have time to evaluate all of your options before committing to a short sale.
Jeff Pearl / REALTOR / CDPE / CDRS / SRES - RE/MAX Distinctive / (703) 727-4876 / Equal Housing Opportunity Provider
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