Short Sales are an ever increasing source of buying possibilities in the Central Florida area. Buyers are typically most concerned with how offers should be handled on the seller's side, exactly what is the correct protocol and how long should the process should take. We all know that the time timeframes are an inexact science and a realistic estimate is 30-from the time the seller's lender receives the signed contract offer. The proper procedure is the seller signs the offer he is satisfied with and his agent forwards that to the seller's lender and the process ensues. Any other offer should be treated strictly as a back-up offer. Furthermore, the property should change status in the MLS to a contract pending status so as to properly notify future buyers and their agents of this property's correct status.
Unfortunately, this is frequently not done. Often, multiple offers are submitted to the seller's lender without any of them being executed by the seller. Also, often, the status on pending transactions on short sales shows them as active. Much of the confusion or mistakes lies either in the listing agent's ignorance or in some cases their lack of integrity. In either event, they are not helping the seller's situation as this frequently delays an answer by the seller's lender or otherwise discourage buyers from placing offers.
The Board of Realtors in the Central Florida area needs to take a much more proactive approach when these situations occur and start imposing substantial penalties to the offending agents/office. With the proliferation of transaction based offices and the increasing reduced supervision of agents, the amount of incorrect or unfprofessional acts seems to be dramatically increasing. These practices need to stop for the benfit of the skilled, honorable agents and the present and future buyers.
Keller Williams Realty
Now that the election is over, many are waiting anxiously to see where 2009 is headed and the impact on Real Estate. Regardless of whom was elected President, a concerted effort by the President and Congress along with a more positive outlook is needed to positively impact Real Estate in 2009 and shorten the present declining cycle and values. The biggest obstacle Florida is faced with are the number of foreclosures and the inept way many lending institutions are handling foreclosures and short sales. It is a travesty not only that we are in this position but in many cases, the arrogant, non-caring attitude of banks and their assumption that the government bailout precludes them from minimizing the fall-out.
From a political and personal perspective, the negative tone of the campaign was quite discouraging and disappointing. Attacking one's opponent does nothing to advance an agenda and gives few ideas to what is needed to improve things. That combined with both sides making unrealistic promises on what they will do, creates much of the cynicism we deal with.
Lastly, regardless of your political affiliation, we as voters and taxpayers needed to demand and expect more of our political leaders and demand that qualified candidates run for the highest offices in our land. It was quite obvious that Palin was in way over head and would have been an unmitigated disaster if McCain had gotten elected and god forbid, something had happened to him. McCain unfortunately repudiated many of his former ideals and selected Palin to appease his more extreme contingency without regarding how this could impact our country.