It’s not often that I get a Short Sale Negotiator on the phone that has the willingness, skill and desire to do their job. I had spent the entire morning on calls to multiple lenders, my last call was to Washington Mutual.
While on hold trying to find out why it had been nearly 3 weeks and we still had not recieved approval to sell after meeting their counter offer….? We started talking about Wamu’s internal process…wow, it’s no wonder they are taking up to 90 days to process a Short Sale!
“Wamu” expressed true concern for her co-workers. The fact is, this lender is not equiped to manage through the volume of Short Sales that are coming in. From our conversation, it sounds like what they have done to handle the volume is “Add additional Steps” to process the Short Sale…in other words…DELAY.
It’s no wonder that these Short Sales are taking so long to complete. Think about it, these lenders don’t want to approve too much loss…too quickly. Prior to the Short Sale utilizing “Mark to Market” economics the property is looked at as an asset… Can you say…SHADOW INVENTORY!
I’m not an economist, far from it. But in my humble observasion….
Short Sales ensure a buyer, the home then generates city taxes. The community gains a homewoner that will most likely have pride in ownership and utilize local business to maintain the home. Values in neighborhoods start to stabalize with each home sold…contrary to declining with each foreclosure.
