Basically, it's a nightmare!
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
Legends Realty Group
This issue likens itself to the proverbial question, "which came first, the chicken or.......?"
Banks will tell us there is a multitude of red tape to work through to assure that a clear title goes to the new buyer and that the number of short sales facing them is staggering....they just can't keep up.......
On the other hand, many real estate professionals, attorneys, and other related field representatives agree that it may be a case of them "just not caring."
Short sales can be frustrating. Has anyone explained the process to you? Here is a brief on how it works:
After the seller has accepted your offer a person will be assigned to talk with the bank. This person is often the seller's attorney, their Realtor or an outside company. The seller will then have to produce information to support their hardship (the reason which they must sell for a loss). The bank assigns a negotiator and will order a BPO (Broker's Price Opinion). After the BPO is completed they will move toward a decision. The time in which this is all completed from start to finish, varies greatly and depends heavily on which bank holds the mortgage, the negotiator who is assigned and the seller's Realtor or attorney, who will need to be on top of all the details.