Short Sale & REO Properties

By
Real Estate Agent with Century21 Award

I am committed to helping my customers purchase their dream homes even though the property they seek to purchase is a Short Sale or REO property .  I am sure that every real estate agent that has ever tried to maneuver their way through the maze of administrative tasks and bank established delays involved in these transaction may share my frustration in believing I am serving my client justice in even directing them towards these type of transactions.

Ah, but therein lies the dilemma!  There are very few properties out there that are not Short Sale or REO properties.  Therefore I am duty bound, in their efforts to find a home, to help my client make offers (albeit it many sometimes) on such properties.

Pray tell .. why can't these banks create separate departments and staff them appropriately with "Real estate" trained or experience staff that can focus on streamlining the process of handling buyer's and seller's in Expediently processing owner's request for Short Sales and Buyers offers to purchase these properties.

Surely, the Banks could take some of the Billions of Rescue Money provided by Congress (ergo the public pockets) and hire back some of the employees they have let go in the recent past along with selected positions of real estate training or experience and createa department to facilitate these sell and buy processes ....  and eliminate this embarrassing backlog of properties.  It has been my experience that every property my buyers have made offers on there have been multiple offers!  I have to believe then ....there are buyers out there (Lord knows due to the current economic situation, there are more than enough sellers!).

Hear say is that the banks are taking such steps, but if they are, there is no clear evidence that they have established clear, effective and timely processes.

Comments (7)

Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

The banks aren't even willing to account for the first $350 billion of the bailout package.  NAR has pushed for a steamlining of the short sale process in their 4-point agenda.  Something needs to give here.  President Obama seems very motivated to give out the next $350 billion regardless of accountability. 

Jan 22, 2009 07:23 AM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

The Banks do not care. Now the REO's are a lot easier than the short sales. I will not unless really pressed do a short sale. The reasons are very simple . It takes too long ,. You get screwed on the commission. And during the process if a hiogher bidder comes in you can be 3 months into adeal and told to take a hike

Jan 22, 2009 07:28 AM
Jeff Payne
The Payne Group at Keller Williams Success Realty - Panama City, FL
Panama City Real Estate

This is an interesting post.  I for one have no problems getting short sales approved. They do take longer, some 90 days or more but the banks are getting better. I got an approval letter today and expect 3 more in the next day.  Not sure where the commission misconception comes from but I have never had the banks "screw me on commission".  the problem lies with the listing agent not knowing the banks process and clogging up the system.  With a proper short sale package submitted all at once, the process is much simpler.

 

Jan 22, 2009 07:35 AM
David Painter
Keller Williams Realty - Spartanburg, SC

Good to have you on Active Rain.  This is a good site for gathering information and interesting to see what others are blogging about. Contact us if we can be of service to you. We would be happy to send you a referral or to take good care of any referral you would send to us.

Jan 22, 2009 12:54 PM
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Dea, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, realtionships etc.

Best - Sash

Jan 22, 2009 11:27 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Dea,

Preaching to the choir my friend! This is why I actually started a group within Activerain called Short Sales and Loan Modification Nightmares and once a week we put all the stories together and send them to our congressman so they can see the truth of what the banks are doing with out tax payers money.

Feel free to join and share your stories, we would be glad to hear them,

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Jan 24, 2009 04:39 PM
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Banks - dirty word in my vocabulary these days.  Seems the REO and SS could be done a whole lot better, easier, etc.

Feb 06, 2009 10:06 AM