Two of my buyers got tired of waiting and wondering and hoping etc.....we pulled their offers and went ahead and purchased non-distressed homes. Now - they have moved in and are enjoying their new homes.
I would love it if the banks were required to work within a reasonable time frame - and respond with what there intentions are. It would sure ease the anxiety felt by teveryone involved...and we would all feel a bit more professional.
Short sales are frustrating and thought I would post this as its funny and really does show how much work
its not my clip but very popular on youtube right now...in fact not a bad idea to show your clients this so they realize although this isnt 100% accurate, it does show that it can be a difficult process
Elisabeth Lustok, ABR, CMAS
Last year was a totally different story, we closed all of the Short Sales that we had accepted offers on. It seems this year the banks are just sitting on the short sales. I actually met with an assistant of a Congressman to discuss the way Short Sales are making it difficult for normal Sellers to sell their homes, but I didn't get anywhere with it. I think once there's an offer accepted by the Seller they should be showing Under Contract or a new status should be put in the mls until the bank accepts an offer so that dozens of Buyer's aren't thinking they have a chance at a home that's not really available. The Buyer's are thinking that there's a lot of homes to choose from when they look on sites like Trulia and Zillow, etc. but are finding that they aren't actually available. It's also making the market look worse then it really is. The amount of homes showing for sale is not accurate.
I can't wait to see responses from other Realtors. I hope everyone answers honestly and don't try to make it look like they're super agents that get them all closed.
Coldwell Banker Residential Brokerage