My magical crystal ball fogs up and my head spins everytime I even try to figure out or anticipate what a bank is thinking or what their reasoning is for something.
What are they thinking?
I can honestly say that I feel a "change in the air" and a new trend coming.....
Yes - I have had numerous clients already this year call and request my services because their lenders told them to list their home with a real estate agent and sell their home - short.
They did not want to hear back from the borrower or their agent until there was an offer on the table.
Another client had a buyer for his home, had already submitted his short sale package because his tenant was purchasing the property (all without agent/negotiator involvement), and the bank directed the borrower to list the home with an agent in order to complete the short sale process.
The banks are suggesting to their borrowers to "short sale" their home instead of Deed in Lieu or foreclosure. Thinking about it, from the conversations I have had, they are not even suggesting it, they are flat out telling them to find an agent to market the home and short sale it.
Now mind you - I am not complaining! Because I truly do love a challenge!
I am just curious to what others are seeing and hearing out there and is this a new trend for the banks?
The client does not qualify for a modification or a modification would do the client no good with it still leaving them in a pickle.... the bank does not want to do a foreclosure,nor accept a Deed in Lieu.
Are they realizing that many of the homeowners that want to modify their loans are still in a pickle - so they move them to short sale the home?
Okay.. Are the banks moving to the short sale because it is too costly for them to foreclosure or accept a Deed in Lieu on all of the homes that are upside down?
Is it because their inventory is already so heavy with non-working assets (foreclosures) that they do not want any more inventory and realize that it is more cost effective to participate in a short sale?
Is it more cost effective?
I only know that this has been the majority of my phone calls for the last two weeks and my mind has started processing this as a new trend and change in the air......
I feel a change in the air and a new trend happening.....Or am I just slow in figuring it out??
Soooooo .....What do you think?
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