Tuesday, March 8, 2011

Realtors: 43% of ‘short sales’ fail to close

This has been issue for sellers, buyers, agents, loan officers, and any other legitimate business person.  The short sales process, although getting better, is still every difficult.
Frances Hicks, an agent with Keller Williams Realty in Mission Viejo, said that agents add to the difficulties, either through inexperience in dealing with short sales or eagerness to close a deal. For example, she said, some agents allow their clients to enter several short sale purchase agreements at once to see which one will close sooner, then back out of the others.
“Everybody’s hungry, and they get a little greedy,” Hicks said. “That’s the reason so many of them don’t close.”
Hicks noted that some banks are better than others at responding. For example, Bank of America recently instituted an automated system that provides an immediate response and gets paperwork started.
Right is your a buyer you can enter a several escrows and put out with little or no financial consequences.  It's a quark of California real estate law.

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