Perhaps I’m missing something, but it seems that the governmental help that we need is not a bailout. I think we need some legislation or other incentive to change the way short sales are handled. Especially in light of the numbers of them that we believe we are about to see.
I mean if right now a buyer has to guess a listing number, get an offer, submit it to the lender and then wait for the lender to say yes or no. Then if the lender says no, I understand he just says “NO”. Not, “No, but we would accept $blank$” So then the owner has to take another guess and start the whole process all over again. Or did I misunderstand that?
It seems it would benefit all; “fb’s, “PIGG’s” and the economy in general, if the banks were forced to deal with this problem effeciently. Like say as effeciently as they were able to get a subprime, no doc, interest only loan approved in the first place.
