IL is a redemtion state. I am hearing now, that these mortgage cos. are holding offers on short sales giving the sellers 30 days to redemeem there property still.They call the sellers and ask them if they still have to sell, and or, if they want to buy there property back. This is one the reasons why we are waiting so long to hear from the mortgage cos. To me it does make sense. If any of you have any other reasons on why they take so long please let me know.
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Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato
I think they take so long because there are so many short sales and your file getting missplaced or in the wrong depertment at least once or twice throughout the transaction also.
Jul 14, 2008 10:35 AM
CENTURY 21 1st Team, Inc. - LaPorte, IN
From what I know and have also heard from other agents in my office is that there is a limited staff, each handling easily 100 files or more each, with pressure coming down on them from the top and calls coming in non-stop from the property owners, REALTORs trying to help with the Short Sale, etc.
Although this is the bed the made and now have to sleep in it, I don't have any pity for the position the lenders are in (they made a LOT of money over the past few years)...they created this nightmare, have cinched up the purse strings (even to qualified buyers) and are trying to eliminate their inventory before they will consider loaning any more mortgages, unless the client is stellar, credit-wise and with a SIGNIFICANT down payment (thereby reducing their risk to nil).
I don't think it is a ploy of theirs to draw the transaction out past the redemtion period. Moreover, I believe it is the case of the left hand doesn't know what the right hand is doing and they have a tremendous failure in intra-departmental communication per file.
Jul 14, 2008 10:56 AM
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