I work with excellent short sale attorneys, negotiators, and I have short sale experience going back to my first short sale closing completed back in the 1990's. If you need help selling your property as a Short Sale feel free to contact me:
The original intent of a short sale option which has been available since the early 90's and has been massively abused over the past 48+ months and in part has contributed to enormous grid-lock in the system. If you can imagine opening a door and suddenly you are bombarded by thousands upon thousands of individuals, whether eligible or not for the option, coming at you all at the same time. No business can withstand this scenario and efficiently produce a positive result. However, over time the banking industry has put tools in place to better handle the load. I worked in the banking industry for many years before transitioning as a real estate broker, and this is what I believe to be true. Good luck to you!
To answer your question is simple. They are short on processors and have a stack of them. But BofA recently announced a new way to process them and so far I noticed how smooth it is and it should speed up things for short sales. They eliminated a few stages in the processa and I hope others follow suit. Have a Great Day!
Keller Williams Realty
Commerce Market Center
Visit us on trulia.com
As everyone stated here, there are many factors involved and we all wish short sales could move faster so that we homeowners can move to a better future and also that they can purchase in the near future again.
Here is a link to an article where Bank of America states that they are planning to approve short sales inn about 20 days starting this "week". I believe the problem lies in that these banks still do not have streamlined and efficient internal procedures to process the volume of short sales in addition to all other factors. The reason why I believe this is the case is because I sometimes get negotiators that ask me for the same information several times in a short period of time and that is a signal that something is not right internally.
This is just my opinion and I wish someone could have more insight on this subject. Great question though!
Javier RodrÃguez, SFR
Real Estate Broker, REALTOR Â®
HouseStar Realty Group Inc.
ï€¨: 407.429.5243 | Cell: 407.301.3401 | eFax: 407-830-5633
ï€ª: Main Office: 1033 Semoran Blvd Suite 245 | Casselberry, FL | 32707 USA
"There are no perfect men, only perfect intentions"
The good news is that short sales have improved dramatically. Experienced short sale agents do their due diligence at time of listing by working with sellers to have the short sale package ready and submitting the complete paperwork to the short sale lender(s) as soon as a contract becomes available. Clear understanding of the process, follow through, and prompt attention to details are paramount. A short sale take an average of 120 days, sometimes less or more depending upon the banks and entities behind the note and the intricacies of the transaction. Unfortunately, heavy homeowners association liens or others liens attached to the property can delay or kill the short sale.
The Richter Team
Coldwell Banker Real Estate
Also how long is long, it may not actually be that long..
Coldwell Banker Coast