2 Out of 3 Short Sales Never Close
That’s correct. I don’t know whether to say that is hard to believe or about right. The bottom line is if you are looking to purchase one do not get emotionally attached to the home, you better have patience, and you MUST deal with a realtor that is an expert when it comes to them.
The Obama Administration is supposed have been doing something to speed up the process. Just like all things involving the government they do not move fast. The bigger problem is that they have to get the banks to agree to this and most banks do not want to cooperate especially after the changes in the mark-to-market accounting rules. They have less of an incentive to do a short sale. But the bank better be prepared to get less money from a foreclosure sale, have damages done to the home, pay more in property taxes, and god forbid a hurricane comes through and the property isn’t insured.
Banks also cannot keep up with the demand. I did read recently that they have been staffing up but who really knows. I can’t imagine handling the amount of short sales and foreclosures that these banks have.