Kaycee I believe what we need is for the government to try to focus on running the country effectively. Once they get that right then they can meddle in some of the markets.
Short sales are difficult because the loss mitigation group of the lender is exactly that, an independent team that performs their own evaluation of the property. I have a short sale listing and I have spoke directly to the loss mitigation group and they simply do not divulge (at least in this case) what they will accept or not accept.
Now the flip side is that most of the time, a Realtor can base the price of the home on comps and help the seller to show what price will at least make the home competitive. Similarly the realtor can also send in those comps with the offer to display to the loss mitigation team that this is a competitive offer (at least in the realtors mind). So yeah the short sale process is kind of a pain but I think as the depreciation cycle continues the process will work in a more favorable manner. One thing to remember is that all the lenders are facing a tidal wave of short sale applications now. (no this is not a sympathy plea for them) The point is that they have to grow these departments substantially and over time they will perform more efficiently.
I mean right now a NOD does not even get filed until someone is at least 3 months late. In my sellers case he missed almost 6 months before the NOD got filed!
So yeah I hear ya… it would be nice if the process was more streamlined… if I could call the loss mitigation group and go, “give me your bottom line” then market the home at that and then we all save time. If it sells at that great and if not then… auction time.
Like Rustico posted, he bought his home as a short sale…it takes more time but it does and can happen.
