Thursday, September 24, 2009
How is a short sale like a Beyonce song?
You find the perfect one. The perfect one toys with your affections, strings you along, and then rejects you for another. But they haven't totally forgotten you. The perfect one's love interest rejects them, and they circle back around to see if you're still interested. In the meantime, however, you've licked your wounds and MOVED ON.
Sound like your love life or the latest Beyonce song? I'm talking about short sales. The process takes so long that buyers just plain lose interest in the property. Short sale properties that had multiple offers often keep the second and third offers as backups in case the first buyer drops out. By the time the second buyers are notified that their offer would be accepted by the seller and then sent onto the bank for approval, the second buyers have developed doubts, lost interest, and just plain gotten over the house. C'est l'amour, I guess. Banks have to figure out a way to speed up this process.