flyer not sure what will happen… I would imagine we will have a short term reluctance on many buyers part. Seems very locical. We are in the slow cyclical portion of the year anyways. I expect the sales pattern in 08 to mimic 07…I think any effects will be short lived and most likely forgotten by spring. The secular market direction is what is more important.
PW my beef with the banks is not the acceptance or non acceptance of the short sale. It is the response time. Additionally the fact that they can take so long to respond lets listings just accumulate offers and send them in periodically while prior offers are being reviewed.
Imagine if the entire resale market had a 6 week response time on your offer? It seems to me that some procedures can be put in place to not even allow a short sale to be listed until some of the distress verification was completed by the lender. Doesn’t that make sense? I know all of them are overwhelmed but the current system is lame…Like everything else we work with what we have…it just sucks though, IMO…
Anyways it doesn’t matter to me if they accept or don’t accept the short sale. Just don’t allow them to list it as a short sale until the lender can respond in a more timely manner.
