GLOBE WIDE REALTY
MICHAEL ISRAEL BENICHAY
The downside for the bank is that a foreclosure while costing more and taking more time actually eliminates any second lien holder, only the principal note holder gets paid. Fully staffing and training their short sale departments, IMO, is being done more to satisfy the feds than to handle the deluge of short sale applications they get. Imagine coming to work on Monday and having a stack of 300 files on your desk and your job is to get through them by Friday. With little oversight, who knows where half those end up.
Last are the agents who haven't been trained to handle short sales. There is a method to this just like there is to REO's or commercial or condos. NAR has an excellent free webinar on Successfully Closing Short Sales, check it out on line. There is so much more agents could do to expedite the process but until they get trained we'll continue to see this soup sandwich disintegrate before our eyes. aloha