After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.
The term “SHORT SALE” has surged forth into the modern lexicon about as fast as Scotty MCreery has. Hopefully one will remain longer than the other and I will let you decide which you prefer. As for me, I like the kid and not just because his high school is 1,000 yards from my home either.
Unlike Scotty however, most people although they have heard the term SHORT SALE they really don’t know what the term means so here is a very basic explanation that I tried out on Bella (my six year old daughter) and although it bored her to tears, even she understood it. Continue reading What is a Short Sale?→
The national statistics are bad, really bad and that’s just for existing non distressed home sales. The numbers are even worse when it comes to short sales.
Some experts today are saying that only 1 out of 10 short sales reach a successful conclusion. Yet others say that 1 out of every 4 close escrow. Regardless a 10% to 25% success ratio is pathetic no matter what your business is! Because my expertise is in Short Sales I find myself frequently being asked the question “Why do many short sales never close?” and this is what I tell them;
My Top 5 Reasons Your Short Sales Won’t Close
1) Unrealistic Buyer Expectations
Somewhere along the way, Buyers got it in their heads that short sales are the end all, be all score of the century. Often I receive calls from out-of-state investors and Buyers who all make similar comments – “Yeah… I had a cousin who bought a $300,000 condo as a short sale for only $50,000”. First, I would refute that the condo was ever worth $300,000. Perhaps in Florida, Nevada, Arizona or California, you might be able to pick up a condo for $50,000 when at once it was sold for $200,000. But outside the anomalous cities, you just don’t score those deals – not in the Raleigh/Durham/Apex/Cary areas of North Carolina.