Is it time to rename Short Sales?

By
Real Estate Agent with The Maine Real Estate Network

Why do some banks still not get it?

Short sales can benefit all parties especially the lender holding the loan. Saving the lenders from having to incur the cost of foreclosing. Not to mention the potential damage to a vacant property from frozen pipes, vandals, the list goes on... Yet they still take months, in some cases 6+ months to respond to a strong offer at current market value. Some lenders have improved in their response time however I have found that most are still incompetent in that area.

What to do? I advise all buyers of the pitfalls of trying to pursue short sale. However even being fully advised of what to expect they find themselves getting frustrated with the process. I cannot blame them as I too find my frustration level rising as months upon months pass with no progress.

          Lenders can accept the offer on the table, counter or refuse it.                                    

                Should it really take more than 30 days to get a response?

Raylene Estabrook, Broker     

                            75 John Roberts Road Suite 1A South Portland Maine 04106

Office:207-774-4224x 243   Cell Phone 207-749-1587   Fax 207-774-4225

E-Mail: Raylene@maine.rr.com             Web: http://Raylene.mreis.mlxchange.com

"Creating Relationships For life"

 

Posted by

 Raylene Estabrook, Broker, The Maine Real Estate Network

"Creating Relationships for Life"

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Rainmaker
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Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

LONG SALES - you are correct, we should change the name!  I had my first actual "short" Short Sale, we are closing next week and it only took 3 months!

Mar 18, 2011 12:01 PM #1
Rainmaker
32,497
Mitch Claymore
RealtyPLR.com - Wolfeboro, NH

How about 'bureaucratically challenged' sales?

Mar 18, 2011 12:04 PM #2
Rainmaker
133,101
Raylene Estabrook
The Maine Real Estate Network - Yarmouth, ME

Either would work for a new name. Wonder if I submitted an offer stating every month it takes to hear back the offer is reduced by $X. Would they move any quicker or would that simply confuse them more than they already seem to be with the process?

Mar 18, 2011 12:18 PM #3
Rainmaker
825,887
Nicholas Goglucci
South Florida Real Estate & Development, Inc. - Pompano Beach, FL
The Listing Whisperer

What's in a name? Certainly not what you expect in a real estate transaction - right?

Mar 18, 2011 01:26 PM #4
Rainmaker
123,402
Tchaka Owen
Keller Williams Realty - Hollywood, FL

Renaming is long overdue! The first time I tried a short sale (in 2004), I was on the phone with the negotiator about 6 days after I submitted the package negotiating the sales price. What most people know as a "short sale" is nothing like what it should be like.

Mar 19, 2011 01:49 PM #5
Rainmaker
133,101
Raylene Estabrook
The Maine Real Estate Network - Yarmouth, ME

Si right Nicolas.

Tchaka, 4 days would be a blessing!

Mar 20, 2011 12:11 PM #6
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Rainmaker
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Raylene Estabrook

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