Cynda Rader\’s Blog

To all you Bankers and Lenders out there…we have the cure for what ails you.

I never cease to be amazed at how long short sales take and I ask the people  I speak to on the front lines of the big banks and mortgage companies each day WHY.   No one ever has a clear cut answer.

In thinking about the REO process, it seems to be very streamlined.  The banks  foreclose on the property and the properties are assigned to the REO agent. That agent then  prepares the CMA, does a vacancy check, removes the  previous  owner if need be, cleans up the property, gets the ok from the bank on  pricing and then waits for an offer to come in. Once that offer appears the agent immediately contacts his assigned asset manager and proceeds with a sale. Understanding that some properties may have an extra hitch  from time to time,  but for the most part this is how it goes.

Why can’t the shortsale process be just as easy. After all there are several steps that don’t have to take place.  The owner does not have to vacate, so no cash for keys or cleanout. The property is already listed and has had marketing.  Any good agent knows that a property must be priced right and in half way decent condition to get a showing and a sale, so  he must properly advise the client and price the home  correctly.    The agent has   done the preliminary work for the bank.

All the bank has to do is pull a BPO or appraisal from a third party, consult with the investors on what they are willing to take, assign an asset manager or negoiator to that agent, consumate a sale and get the property off the books.

Almost every homeowner today that is in a  distressed situation which requires a short sale will be foreclosed on if that process is not consumated or allowed.

The banks must know that, afterall they have the greatest brains keeping them up to date  with all the latest statistics.  From the real estate agents view it feels like the banks are in denial with the short sale process  and they really would rather bury them under a rug somewhere then have to deal with them.

As a long time agent in my market, shortsales were not a portion of business that  I ever dreamed would become such a necessity. They are difficult, tedious  and extremely frustrating, but here is why most of us hang in there….people who are in trouble out there need us.   They need a solution; a partnership with a great agent   and their bank/lender  to guide them in the right direction. They  need quick and accurate decisions.

As a Real Estate professional, I implore the banks to join with us  to  help expedite  these transactions, to get them out of the marketplace and off the books so a rebuilding can  occur and a  healthy balance can be acheived once more.

Shortsales are the  hardest and  easiest transactions, all at the same time, that we will ever do as Realtors.   Easiest because you don’t fight with the sellers to get it priced correctly.   Hardest because most of the large banks, even with their greatest efforts, cannot process them fast enough to serve the buying public.

The bulk of my business  today is shortsales.   I am frustrated most days with the banks and their non-responsiveness  and lack of expertise on the phone, however,  I know that everyday and everytime we can shortsale a home for a desperate seller, we are allowing these sellers  the dignity that a shortsale offers versus foreclosure.   It  is worth every minute I have to put up with the banks.

Kudos to all of you who seek and fill a need for your real estate  community with shortsales.   I believe you are making a difference!

Welcome to Cynda Rader’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Independence.