Short Sales...why the dragggggg
On a Short Sale, it's pretty obvious that the bank/mortgage company will be taking SOME type of loss. Having been in the Retail Business for over thirty years, I know too well the issue of losing money on a transaction, BUT, I also know the need to "bite-the-bullet", get it over with, take what I CAN get, and move on - to hopefully a better investment of my time and money!
So, when you have a "fair" offer in on a property, why do banks take their time, have you fill out stacks of papers, then just when progress is being made, they sell the note to ANOTHER bank and we have to start over.
It's happened to me TWICE in the last few months. On one of them, the property sustained severe water damage while this dance was going on, and the new revised offer is about $40,000 less.
At one of my C.E. Classes, the Instructor told us to "be patient. You just have to keep in mind that MANY of the people that you will be dealing with at the banks, were a just a few weeks ago flipping burgers or delivering pizzas. They have a stack of papers on their desk and are just plain overwhelmed (a nice way of saying "incompetent)".
So, when I get one of those people on the line, I mentally try to guess WHICH one of those jobs they were doing...helps a wee bit!
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