Dealing with Short Sales and Lenders
Posted Mar 23, 2008 @ 10:09 am, Viewed by 307 Visitors, Read 331 Times.Sellers want to sell, buyers want to buy and real estate agents get the honor of dealing with overworked asset managers for the banks. Even in a perfect scenario that is a win-win situation for everybody, it could all be a waste of time for everybody involved.
This post on Active Rain by a Real Estate Broker who gets paid by the New York Times to write for About.com highlights the problem in this post ----> Bank of America would rather let the home go into foreclosure.
Obviously, short sales are becoming the norm in areas that are being hit hard with real estate values that have dropped significantly and banks are certainly becoming more receptive in approving these hardship situations if you follow their procedures. Banks are currently slammed with a backlog of requests and would prefer to work with professionals that understand the procedures that need to be followed in order for these to be successful.
I've come across two types of Las Vegas home sellers that fall into this category:
- The Las Vegas home seller that does not know about their alternative to foreclosure and what Las Vegas Short Sales are.
- The Las Vegas Home seller that is under the wrong impression that a Las Vegas short sale is a waste of time.
For the second type, this is often created by people who do not understand the process that it takes or from inexperience in helping out in the Las Vegas short sale process. The truth of the matter is, practicing Las Vegas short sales is an area of specialty that takes knowledge, experience and understanding.
If you are a Las Vegas home seller that has found themselves in the situation of being upside down and owing more on their mortgage then their Las Vegas home is worth, and a hardship is making it extremely difficult in making the mortgage payments, you can contact me with the information below to learn more or visit my website to learn more about Las Vegas short sales.
Paul Francis, ABR,CRS
Coldwell Banker Premier
Las Vegas Real Estate
10120 S. Eastern Ave
Henderson, NV 89052
702.592.3058
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Paul Francis, ABR,CRS of Coldwell Banker Premier specializes in the Master Planned communities of Las Vegas including Summerlin Real Estate, Lake Las Vegas and Green Valley Real Estate. Read More
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That was a great AR post. I have been on both ends of short sales and consider myself lucky to have the short sale listing I had make it to closing. I am now on the other end with a buyer and the waiting is going on two months. I warned them that it is usually around a 3 month wait although reading through that post it seems some have waited much longer. My buyers are getting ready to withdraw their offer and continue looking. I bet they won't bother with another short sale listing! I am showing a first-time buyer a short sale listing for the 2nd time and even though I tried warning him about short sales I'm sure he doesn't understand. I'll explain it more at our next showing. We're seeing two homes so hopefully I can sway him to the other one.