Yet somehow all these short sales are still getting done and completing.
Lets make sure we understand each other. These short sales are not taking a long time to complete because of complex title issues, they are taking a long time because the servicing companies dont give a crap.
Your dissertation on sources of clouds on titles was impressive yet useless and can be compared to a real estate class verses real world application. If we polled every short sale to see which ones had some of the title clouds that you mentioned stop or prohibit the sale verses what REALLY happens in a short sale the difference would be laughable.
Buyers walk on short sales because THEY TAKE TO LONG TO COMPLETE. The buyers either find another home, or throw in the towel. The second biggest reason the buyers walk on a short sale? Because they inspect the home and find out there are more problems with it then they want to put up with and the short sale lender will not repair or kick in credits. Other reasons? The short sale lender will not pay for termite or home warranty. Other reasons? There are additional liens that are disclosed but are FOUND ON THE PR such as HOA or mechanics liens that the seller will not pay and the lender will not pay.
Now if you want to bring up judgements due to child support or deadbeat dads or whatever, yes those do exist. While those in debt have more problems then being in default I bet NOT A SINGLE PERSON ON THIS ENTIRE BOARD has a short sale that fell through due to your litany of court order judgements you ran off.
I try to be reasonable in my posts and give advice that is practical and based on what I have experienced and seen. Additionally what I have talked with other agents about and what they have experienced and seen. I believe that some of the things you have said while they may be factual will actually be quite misleading to uninformed buyers because they are very much fringe cases and not anywhere close to the norm of how things really happen and what the majority of transactions actually experience. You have no idea what I say or do with regards to my clients buyer or seller in short sales or other sales. Furthermore you have no idea at all how many short sale buyers have walked due to what you think are civil/domestic judgements. I dont either but I will put my money on a number close to zero.
Of course people runup ccs and helocs. You seem to conveniently ignore that a pr is something that is available to any short sale buyer before he spends a penny on due diligence.
Honestly, you may be well intentioned but you may be doing more harm then good in assessing what happens in the vast majority of short sales. Why don’t you call up some agents and ask them to give you numbers rather then speculate.
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Forgot to add this but it is on the list of why people get pissed with short sales, it is because of listing agents that double end the deal and don’t give a fair shake to all of the buyers. Also included in that are straddlers and sellers who are selling or trying to sell to friends or family.
