[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
