SusieQRealtor

Are Short Sales Shorting the Real Estate Market?

Just about every bank will NOT accept a Short Sale Package until THERE IS AN OFFER ON THE PROPERTY. All I can do as the listing agent is request their instructions (there are a few variations from bank to bank re: requirements) and begin to get the package ready, just in case someone makes an offer on one of my Short Sale listings. I can't put the whole thing together since banks want RECENT bank statements and paystubs and it could take a couple of months (or more) before we get an offer. All I can do is let the homeowner know what will be required and help them with their hardship letter. This is NOT incompetance, this is the reality in today's market. The banks are the one who are messing up the system. No answers for months, then even AFTER you have a bottom line approval, they come back and want MORE, and take even longer before a final approval. Then once you get an approval, they want the sale closed just about immediately. It is a lot of work for the listing agent, and very frustrating process for the buyer and the buyer's agent. All we can do as Realtors (R) is work the market as it is and do everything we can to bring buyers and sellers together... irrespective of how difficult the banks are making it.