Here's a couple of great 'common sense' fixes for Short Sale Problems. Is it really this easy to fix?
This is from Amy Jones out of Arizona with what I think are great solutions.
I've been thinking... could there be an easy fix to the short sale industry mess?
What if sellers were required to have an approval from their lender PRIOR to listing their home for "short sale"?
What if the lender ordered the BPO establishing the sales price that the lender would accept PRIOR to the seller listing the home?
What if the lender issued a letter indicating the sale was approved and that the lender would accept $xxx for the sale PRIOR to listing the home?
What if a real estate agent could not list a home without the short sale approval letter in hand?
What if a buyer knew exactly what a lender would accept for a sales price?
What if buyers and sellers were no longer wasting their time on a short sale that will never close at the price listed in the MLS?
What if real estate agents could go back to actually marketing homes with reasonable response times to move the inventory?
Could it be this simple? Just wonderin.
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Even with a pre-approved price, buyers are low-balling short sales anyway. What if the staff in the short sale department had IQs over 50? Then we'd have something. What if the banks stopped changing their fax numbers? ;-)
Thanks Lyn for the post. It is true what Geoff said, many buyers think they can get something for nothing. We have to make sure the buyers are also educated about the process.
Melissa: There are a couple of really low prices still here in my area with no takers. The obvious is to 'entice' buyers to put up with all the short sale hassle. Sometimes the banks override 'all enticement' with the nonsense. Buyers walk, seller stuck, bank stuck - let's begin the perpetual circle again. Just me sayin.
Geoff: Amy didn't do these as numbered points - add 2 more. You can get a state job in Illinois with an IQ of 50! Governor is minimum of 50 also.
There is a solution for sellers with FHA loans.....an FHA loan for a short sale does not go on the market (and into MLS) until they (the agent) receives the HUD Form 90045 that was received upon the Seller's approval to participate in HUD's Pre-Foreclosure Sale Program.......for VA and Conventiona loans the home has to go into MLS and receive an offer before the bank will order the appraisal....then the bank reviews the short sale package, offer and appraisal.....if the agent and homeowners did a good job of making sure all the short sale paperwork was completed correctly, the offer is clean and did a good job on marketing the home in MLS with a price that the lender should accept you can move forward....I prefer the FHA short sale.....as none of us want to put a property into MLS without knowing what the home can be sold for.
Lisa: Thanks for setting the procedures straight.
Thanks for the REBlog, Lyn! I think we all need to have our voices heard. Maybe we CAN make a difference, or is that wishful thinking?
Amy: Great post, glad that Think Big Work Small picked it up for you. Sometimes the simplest solutions are the best.