Short Sale Headaches!

Real Estate Sales Representative with Rossman Realty

Sometimes I sit here and wonder if short sales are really worth the aggravation and headaches that some of these lenders put us realtors through. You would think that after a year or so of lenders having to deal with customers that owe thousands of dollars more than a home is worth they would be able to put together a plan so they can expedite a short sale. Not happening! It seems that the process is taking longer now than it did a year ago. Maybe it's because of the amount of homes that are facing foreclosure? I don't think so.

I have been in the mortgage business since 1997, and unfortunately the people that work for these mortgage companies and banks really don't care. When the initial Loss Mitigation package is sent to the seller, the package explains exactly what is needed to apply for a short sale. If in fact ALL of the requested information is given to the lender, why does it take so long to process? I make numerous calls to the banks on behalf of the sellers, and the answers I get on why it is taking so long are amazing.

I guess we as realtors have to put up with the headaches though, because each and every day I see more and more homes being sold as short sales. If anyone out there has any thoughts or solutions or ideas so we can get the lenders to expedite the process, please let me know.


Comments (1)

Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Doug,  As I see more and more of these I am convinced that the banks are the single most incompetent bunch in the loop.  And remember, the banks are the folks that want to sell real etstate !  Scary thought.

Jun 02, 2008 08:10 AM