1319 W Bullard #4 -- Fresno CA -- 93711
Short Sales cannot proceed unless Lenders cooperate with Buyers
...and their agents. In a previous blog I gave an example of an offer that I made on behalf of an investor on a Short Sale. It was an ALL CASH OFFER that was rejected by the lender. A few months later after the home went through foreclosure the home was listed at LESS THAN THE CASH OFFER and probably went into escrow for substantially less than the list price. About 5 weeks ago I made another offer on a Short Sale and to date have not received an answer back from the agent. Other agents I have spoken with have the same stories. Once again, as a reminder, out of the HUNDREDS of Short Sale listings in the Fresno MLS last year there were only 46 closings.
I say all of this as a preface to a news article I just read titled: Lenders pledge speedy response on loan help according to the article lenders are saying they will let strapped sellers know whether or not they are approved for help within 45 days. Well I'll believe it when I see it. Personally, I would discourage ANYONE from even bothering to with a short sale. Simply too much hassle and scant prospects of producing fruitful results. And if you happen to be reading this blog because you're considering a Short Sale and your plan is to sell your home to a relative at a huge discount to what you paid so you can buy it back cheaper: FORGET ABOUT IT! It doesnt work. But hey, dontl isten to me - besides because I'm certain you wont have a problem finding a Realtor® who is willing to try and get such a deal done.
©Randy "Lazarus" McAtee