Hi Ji1997,

I know! Right! I think everyone is sick of the lengthy process. I would check out bank owned homes. Less waiting. Same home. There is a ton of info on my site: http://www.PortlandHomeAuction.com on distressed properties. Good luck!

Hi Ji1997 . . .

I've written about this very thing in my blog (I've post that below).

A short sale is a "waiting" game -- for both the sellers, the banks, and the (would-be) buyer. It is NOT a guarantee that they can sell short, or that the bank would want to take a hit on their loan. Also, there may be two (or even three) mortgagees (lien holders). The lien holder in first position might be FINE with a short sale, but the lien holder in the second position . . . hmmmm . . . maybe doesn't want to take a hit. If the lien holders don't agree, then the seller can't sell, and it goes into foreclosure.

Keep in mind; FORECLOSURE is a legal process. It takes time to move a property through this legal process. Please read my blog for more insight.

Carla Muss-Jacobs, Broker/Owner
EBA Portland, LLC
Exclusive Buyers' Agent
Assisting Buyers in Metro Portland since 1999
http://www.EBAPortland.com

(Sorry, can't find the article -- link below, but scroll to: "Banks Before Chefs . . . and Cook the Books"

Yep, as the first answer-er said, we would all be rolling in closings if we knew the answer.

There are a lot of distressed properties on the market right now and some of these sales are very complicated with multiple lien holders having to agree on price and terms if borrowers have more than 1 mortgage etc.

Look for homes that meet your criteria and then worry about the financial aspects of the transaction. If you are looking to move quickly, maybe a short sale is not for you. But every bank is different and some offers are answered in less than 1-2 weeks.

Good luck in your home search!

I agree. If banks were doing the job right we wouldn’t get to this mess. We are not cleaning their mess we are paying the price as well. Unfai????????????

The government is also paying banks to work out modifications for those borrowers wanting to stay in their homes, instead the banks have the borrower pay what amounts to rent until they can't make the payment and then tell them to move out and the bank forecloses on the property, away after telling them they would work with them to modify their loan. The banks are still play heavy handed on the borrowers even if they are part of the problem by making bad loans to un informed borrowers.

Your right the Banks and Servicers take too long, period! I push my clients banks as best I can while still maintaining a relationship so that deals continue to close for my clients. The government is paying an incentive to the Banks to process and close Short Sales, That's right they pay cash to the Bank to close a Short Sale instead of Foreclosing so there is no excuse. They should use the revenue they will receive as incentives and hire more people to help. This will one, lower the number of Foreclosures, and two create more jobs.

When the Bank let's the home Foreclose instead of closing a Short Sale they help the Real Estate Market DECLINE further.


Hope it gets better

Thanks you both for the expiation, but wouldn’t be a good help for the home owners to sale their home in time. And as you mentioned I had an agent and what I hear is that still no response from the bank. I don’t get it. If the selling agent has offers why not push the bank. I thought they the agent in both side would help to facilitate the selling and buying transaction effectively and efficiently.

I am just an outsider form the Real Estate terminologies, procedures, and regulations. However, I don’t agreed that holding an offers would bring a solution for both side ( for the home owner and the buyer) and even for the selling and buying agent. The buyer like the home, made an offer with a complete documentation, but no action yet ever week passed what you get is not yet still waiting the bank to take an action. I do believe that the sellers who list their home through an agent and the buyers (like me) hope to move forward and settle in new home relies on real estate expertise. Without a doubt, helping to quicken the transaction would make it easy to all.

Like any company / corporate the Real Estate agents should have information and power instead of submitting offers and hoping that will stick. I REALY DON’T BUY THE CONCEPT that short sales MAY TAKE MONTHS SOME TIMES impossible and never get approved. Can someone push the bank so that they can pay attention and make it work?

Thanks,

Reason too for the time it takes is that the lenders have many many properties that are in some stage of foreclosure, so many they can't keep up with all that is required. These days most short sales are not happening and the properties go back to the bank, then sold without the 3rd party to worry about. Values in some markets are well below what the borrower now owes, requiring no room for that 3rd party , the borrower. So look for the bank owned properties they are truely the deals now, yet in some markets it's may get multiple offers on the same property. But time to get closed will be much simpler and happen faster.

Good luck.

Greetings,
If we all had the answer to your questions we would be rolling in short-sale closings!! If you have a real estate agent representing you then they should be able to answer, or get answers to your questions.

You should find more than that particular home to fall in love with. If you are waiting to get a response from the bank, they could be waiting to get some paper work from the mortgage holder....you just don't know.

You can email me offline at info@FultonCountyREO.com