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Infographic - Banks keep promising to approve more short sales - My Question is When?

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There are 999 homes in the short sale process in Placer County, yet only 135 closed in June.

Short sales pending sale have more than doubled in the past 3 years, yet closed short sales are down 18%.

Sellers want to sell their underwater homes, buyers desperately want to buy them and agents are working deligently to make that happen.

The banks have promissed over and over that they are ready to start approving them.

My question is, when will they follow through?


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Patrick Hake is a Broker Associate and team leader with RE/MAX Gold in Auburn, CA. He owns and operates the regional real estate website www.PlacerCountyHomesandLand.com and can be reached at 916-728-1981 or found on Facebook or Twitter.

Comments

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Paul Francis

Patrick,

I've been doing short sales in Las Vegas since 2008. While it has certainly gotten better since those days... the reality is that all of the promises made by the banks are generally just PR campaigns.

Real estate agents that want to get into the short sale business need to realize that the banks are technically Debt Collectors... No matter what they wish for you to believe.

You have to know how to deal with them and not roll over playing along with their game like so many real estate agents make the mistake of doing.

Unfortunately.... FAR too many real estate agents are playing "their" game and not playing the right game to get short sales approved.

I close over 75% of my short sales because I have the philosophy that It's me and my clients against the bank.

Best Wishes!

phake

Paul -

I have seen the same thing, anecdotally.

The agents I know that engage banks aggressively have had better success getting short sales actually closed.

Those that accept the banks' endless procrastination techniques and allow their broken bureaucratic systems to determine the flow of the process may never see the end.

I just find the constant reports that short sales are working more often to be counterproductive.

I hope we can get the message out that while the banks are engaging in the short sale conversation more often than before, and have gone a long way to create systems to file and move paperwork, they are actually approving and closing less of them.

The banks have to improve, if we are ever going to get back to a market that functions properly.

There are far too many people underwater in areas like yours and mine for the current system to be sustainable or effective in clearing the market.

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