Short Sales Becoming More Common
Tuesday, April 8th, 2008As the number of distressed properties continues to rise, short sales are becoming more common. One thing working against all parties is the amount of time it takes for a lender to approve the short sale. Click here for a short sale article on msnbc.com.
Lenders are currently overwhelmed by the amount of properties they have in pre-foreclosure and foreclosure. This is creating delays in approving short sale deals. Lender negotiators or terribly over worked and understaffed. They simply can’t get to each proposal in a timely manner. While the lenders sit on the proposals, property values continue to drop.