Are Banks going to get it together in 2010?
11
Jan
Second week of the year and rumor has it that banks – especially Bank of America, have plans in place to “streamline” the short sale process. Well, let’s hope so! Last year I can tell you that I along with my colleagues vowed that we would not touch a short sale property with a 10 foot pole!
The term “short sale” as used in Real Estate speak refers to a home that has a mortgage greater than what the home can sell for in today’s market. The process is anything but short. I’ve heard the horror stories of banks taking as long as a year to approve a short sale! Now that is totally ridiculous. There is no reason that it would take so long to get a bank to say ok to an offer made by a qualified Buyer at market value. Do these loss mitigators sit around eating bon bons and watching soap operas while devastated homeowners sweat it out?
There has got to be a better way and I for one hope that they get their “head out” and start working on approving these short sales before the homeowners are foreclosed on. The banks caused this fiasco now let’s hope they get it together and make the process truly short!
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