I know we think we are helping people but agents are telling me that only 5-10% of short sales ever close. Too often, in an effort to save a house, an agent will work 3-4 months trying to get a lender to respond to a short sale. Then, if you could even get a response from a lender, they come back with a ridicilous counter or asking that you cut your commission. Who said banks were smart. They claim that they will do anything to avoid foreclosure but if you are active in the market, you know that this isn't true. Sometimes, banks are just stupid, And, you can't fix STUPID. who else would make no down loans to people with marginal credit and let them fill out their own loan apps without verification.
Now the real estate industry is trying to bail them out by finding a buyer ......... and they still get it wrong. Something has to get their attention and my idea is to stop working short sales. If you stop showing short sale homes, things would change dramatically. Or, if buyers would say, respond within x days or we are gone. And, if we really did that, things would change.
The same applies to REO sales. When the lender counters back with AS Is, jamming you on time frames, ignoring the market and countering price and other over the top counters, if buyers walked, it would stop. Or, if we just quit showing them, it would stop.