Short sale seas are still rough

Lenders said it.

The federal government said it.

But where is it?

With much fanfare we have seen lenders and federal officials announce short sales are going to be handled quicker and more efficiently.

Really.

On the ground we are not seeing much change in fact in some cases it may have gotten worse.

Two recent examples.

A ridiculously high counter offer by a the lender on a short sale. The counter is easily 30k over the current market value in the neighborhood.

The reason.

The lender based the counter on what the client owed and what the current market values are.

Huh?

Not a lot of consumers are willing to pay tens of thousands of dollars more just because the previous owner owes more money than the home is worth.

Apparently this lender does not know what a short sale is. The home is sold for market value which is less than what the owner owes the lender.

Example two.

The second lien holder for a lack of a better expression is holding air. If the first forecloses they get nothing.

In this case the second lien holder was willing to throw the whole deal under the bus because they would get a couple of grand less than they wanted.

Think about this. Nothing from nothing equals nothing. How about just getting something or anything.

It might make the second lien holder feel better that they stood their ground. That and a couple of dollars will get you a bus ride home.

All the best
Greg Owens P.A.
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksfla.com