Short Sales versus Bank Owned - Why aren't Short Sales working?

By
Real Estate Agent with Twin Oaks Real Estate, Inc. CaBRE 01120551

It's hard to imagine how difficult it must be to be a seller, forced by circumstance to sell, who cannot repay the bank what is owed to them.  Hundreds of listings are available to buyers in just my little neck of the woods that are short-sales.  Currently, I have four offers out for qualified buyers, and after over 4 weeks of waiting to hear something from a lender - we're still waiting.  I know how painful it is for my buyer's to wait for news, what must it be like for those sellers, hoping to work something out with their lender? Waiting to hear for up to 60 days.

In comparison, once the client goes through the trama of the legal process of foreclosure, that bank is on the hook to move the property off their books...I can get an answer back from the bank in just days (not the signatures-no!, but still a good faith, solid "YES! Let's move forward.)

Why? 

 

 

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