Sunday, August 28, 2011

It's Not Just The Lenders That Need To Help The Short Sale Process

I haven't written a blog post in nine days. I've been busy. Part of that business has been chasing down a seller on a Short-Sale listing. (part of it.....I was camping at Big Bear Lake!).

California Association of Realtors is urging the large banks to make some additional changes to help expedite the short-sale process. Read the full article if you wish:

The letter has a list of issues that need working out. The best one, in my opinion? Pre-approve the short sale and price upon request, prior to the property being listed!

Regardless of the amount of things the lenders have been doing to help the process move along easier, we still have to have some issues with the home-seller themselves improving. 

The homeowner needs to allow the property to be readily available for showing. The homeowner needs to have their documents ready for submission. The homeowner needs to respond to an offer in a timely manner. Just like in a standard sale.

However, the short-sale listing is always heavily weighted on emotions. Regardless of the reason for the short-sale decision, it is never a happy situation and working with that type of seller requires mountains of patience, compassion and perseverance.

As much as we keep telling the banks they need to improve the process, keep in mind, it's a team effort. Between the Realtors, buyers, sellers and banks. We have to work together.

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