Yesterday I reported that there were 4, 275 short sales pending in the MLS. I closed one yesterday, so there are only 4,274 left in the backlog. There is no real magic to getting a short sale closed. It is mostly a matter or persistence. The seller has to be willing and able to produce all their personal financial information for their bank, and keep it updated every 30 days for seven to eight months on average. The closing yesterday has been under contract for 6.5 months. It would have taken seven months to get closed, but the buyer had already pushed her lender to get the loan ready even before the short sale was approved. The brings me to the buyer side of the equation. Buyers considering a short sale need to be prepared for a very long wait with very little in the way of true updates on the progress. I have another short sale that took the bank over a month to even acknowledge they received the short sale package from me. Even though I received confirmation after confirmation that my faxes were going through, they denied ever receiving them. This addresses the other aspect of persistence as the listing agent. You must follow up early and often. It is very hard not to lose your cool when you are told for three months to call back next week, and a negotiator will be assigned to your file. You finally get a negotiator assigned, and they basically ask you to resubmit everything all over again. By the way you have 72 hours to comply with their request, so they can begin ignoring it as quickly as possible.

I apologize for the disgusted tone, but it is time for the banks to start getting their acts together on short sales. We still have 4,274 in Orlando and closing 300 a month is not cutting it. I guess I should not complain one of mine got closed yesterday. When The Fed stops picking up the mortgage backed securities, and Fannie and Freddie stop picking up the toxic assets this might force the banks to move a little faster.

Orlando Real Estate, David Welch Real Estate Optimist