They ask, “How much longer must we endure this market?” “Are there any signs of recovery?”
“We are not out of the woods yet, but we are speeding the process of cutting through the forest.”
Here is how it is as of late. With Short Sales being the prevalent type of real estate listing in the Santa Clarita Valley, three Senators are pushing a bill that will speed up the Short Sale process.
As it is now, when you have a mortgage holder that is not plugged into the Equator.com system, to get a sellers short sale accomplished, is it done completely by FAX. Facsimile machines used to be the way business was accomplished – but in today’s time with e-mail and voip – I think not.
I am not sure what the “why” is with the banks that are remaining on the Short Sale negotiation by FAX system, I can only deduce they are not as “motivated” to allow for short sales to be processed and accomplished.
When the bank will not give you an email address, or direct phone number, and when you have the short sale file change hands 7 different times, there is a particular “appearance” that is created. When we had a cop that spent way too much at the coffee shop and when they did everything to avoid taking a report, there too was an “appearance” that was created.
When a Short Sale agent faxes the same document over 23 times, only to be told by the bank it has not been received, it makes us want to scream. If you scream in the woods and if no one is around, does it make a noise?
Senators from Alaska, Ohio and Massachusetts have introduced a bill that will speed up the short sale process. Hopefully this bill, if approved, will stop the Short Sale process by FAX.
Here is an exerpt by DS News with a link to their full report about Speeding up the short sale process.
“Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.”
How’s the Market in the Santa Clarita Valley? – We put that information below, be safe and if you know anyone that is considering a short sale, make sure they get good advice from someone that knows what they are talking about.