The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.
Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.
