Of course, these comments are “instigated” by sdr, who makes his primary living from the closing of successful “short sales,” lol.
I don’t believe in short sales. I believe a property owner who doesn’t want to pay his/her mtg anymore should just default and take the foreclosure hit on his/her credit report. And lenders “should” foreclose promptly, sparing the rest of us from all the “languishing” of potential depressed shadow inventory out there.
I have and will always maintain that a lender loses far less money if they commence foreclosure proceedings in a timely manner, which is typically what happened BEFORE 2003. The crooked agents handling “short sales” are the ones who are profiting from them and causing (in collusion with greedy sellers who don’t deserve anything) the closing prices of these properties to plummet (on the record) whilst at the same time their undeserving client often miraculously walks away from the sale with even MORE cash in their pockets.
