There was a time when Patience ceased to be a virtue. It was long ago.
Date: Wednesday May 7, 2008Posted in: REO, real estate, short sale, foreclosures, short sales, Realtor, banks, foreclosure, commission
(Title quote from Charlotte Perkins Gilman)
I currently have three offers out on short sale properties. Banks are taking forever to respond to these offers. One offer was submitted on March 1, 2008, one on March 30, 2008, and one was just submitted on May 5, 2008. I don’t have a response on any of them. Thank goodness my clients are aware that they will have to be extremely patient while waiting for a response from the seller’s bank (or banks if there is more than one loan on the property.) But, in the meantime, new properties are coming on the market, and the sellers and the banks may lose what offers they currently have on the table as buyers are always looking….
Anecdotally, the banks don’t seem to realize the value of the Realtors who list the short sales or those who represent buyers who make offers on the short sales. Banks want to severely cut our commissions. From what I understand regarding short sales versus foreclosures/REOs, banks would be much better off financially if they would work with the Realtors in a timely manner, pay our full commissions and get these short sales closed. The banks’ losses will be much greater if these short sales work through the foreclosure process and end up as REOs. And with the way the system is working currently, it is very probable that the majority of short sales will become REOs. Ironically, once the REOs are listed on the MLS, the seller, i.e. the bank, usually offers 3% commission to the buyer’s agent.
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