I am a Realtor here in St. Petersburg Florida and what I see when it comes to short sales is just unbelievable.
“The banks are hurting so much”
“They have to take back all these properties and they do not want them”
“They would rather go for a short sale than a foreclosure.”
“A short sale process is much cheaper for the banks than a foreclosure process.”
Even Donald Trump again and again said,
“Negotiate with the banks; they do not want to own your property”
Do not get me wrong.
I think Trump and all the others are right, but my questions is
What are the banks doing?
I have been on the buyers and sellers site a few times in a short sale situation and every time, yes, every single time, I nearly pulled my hair out when it comes to negotiating with the banks.
Sometimes I think the case workers take a sleeping pill before they come to work in the morning. A short sale takes forever, and that is not because of the seller or buyer, it is because of the banks. If they really do not want to go into foreclosure and if they do not want to own your property, than WHY does everything take forever, Why do you have to make 20 phone calls before you can actually talk to a live person? I am sorry, Yes, the banks are loosing money right now, but I just can’t feel sorry for them. If they were hurting so much they would adjust their attitude and get going on the short sales. Times is of the essence and every day the short sale folder sits on someone’s desk at the bank, it cost money for the home owner and the bank. Qualified buyers get frustrated by weeks and weeks of waiting and they just walk away and find another deal.