Why do Banks say they want to help troubled homeowners? but they delay the buyer that could save the Seller and the Lender themselves.
Lenders are taking much longer to react, respond - anything, Give us a “Yes” or a “No’. I have offers in on properties and still I am waiting for responses. I had a response on a property we had an offer on three months ago and the response was Yes. Guess what? My client had already moved into a new home.
What is a short sale? Basically - homeowner who cannot keep up with their loan asks the lender can they sell their home for less than what is owed on the home’s mortgage, and forgive the balance of the unpaid debt.
So if a borrower has a mortgage balance of $450,000 and finds a buyer who will pay $400,000 , the lender then agrees on $400,000 and guess what? Happy Seller, Happy Buyer and Happy Lender.
In a Short-Sale, everyone wins. Sellers avoid foreclosure which destroys their credit, and lenders recoup more of their costs instead of trying to evict an owner and then sell the property.
Do we not have a fiduciary responsibility to our buyer clients, who come to us wanting a better property in a buyers market for a killer price, and less hassle. Are short sales working against getting a bargain… ??? Are lenders in denial … ???
What concerns me more is do Agents really know what they are doing in a short sale..??? Over half tell me that sending in the HARDSHIP PACKAGE IS NOT DONE UNTIL THEY GET AN OFFER. Are you kidding me.
Make sure when your clients do make an offer on a Short Sale that you still preview other homes out there. DO NOT WAIT.
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