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Since Short Sales are a lot more profitable in 90% of the cases to a bank than a foreclosure why are banks so

slow at responding to good offers and risk the possibility of losing a good buyer?
Thu May 8 2008, 08:40 - Rhode Island - Foreclosure - 2 answers
 
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Bob's Team...
Real Estate Pro
in Narragansett...
Bob's Team..., Real Estate Pro in Narragansett... in Narragansett...
Answers (2)
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Gene was FIRST TO ANSWER
Banks are slow to respond because when a house is in a short sale situation, they still show the amount owed on the books as "paper they are carrying" which makes it still looks profitable to investors. Once in foreclosure, it is bad debt, and a quick sale can get some of the bad debt off their books.

Thu May 8 2008, 08:56
 
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FIRST ANSWER
I hope a banker...and not a real estate pro...answers this question. I've wondered this myself. I've found some banks quick to respond and others very very slow to respond -- it almost seems that they don't care whether the property sells or not. As an example, I made an offer on a house where the bank still had not responded within 2 months and I filed a complaint with the state licensing division--some states (e.g. NV) require a written acceptance or denial by the seller within a specified time period; I made another offer to a bank and the offer was accepted within 48 hours. I would prefer to deal with a short sale as the house is probably not trashed as much as a foreclosure but price/value is still my main criteria.

Thu May 8 2008, 08:46
 
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