Short Sales

Where should I begin?  Well, don’t let the name fool you because there is nothing short about them.  I am working on one right now that is going on it’s 10th month.  Lucky for me as a Mortgage Professional I just have to pre-qualify you and then sit back and wait.  Unfortunately the buyer, realtors, and attorneys can’t say the same. 

The reason I wanted to write about this topic is because so many times we, including myself, will complain about how slow the banks are but we sometimes forget that there might be some explanation for it.  The article does a good job of bringing up those reasons

I can’t tell you exactly why the bank is dragging its feet, but I do know that lenders want to make absolutely certain that their borrowers aren’t trying to get out of mortgages they still can afford. Many people are hiding assets and otherwise lying to their lenders to get out from under loans on which they can still make the payments but choose not to.

http://www.marketwatch.com/story/when-buying-a-short-sale-there-are-no-easy-answers-2010-06-04?siteid=rss&rss=1