Even
in the best of markets selling your home can be challenging.
. . now is the time to call on a skilled professional like
Verle & Helen Yoder to sell or find your southern
California homes for sale!
Why
do Short sales stay on the market for a much longer time frame?
• Because of the additional time needed for lenders to
approve a short sale offer
•
Lenders may not be devoting enough staff to handle the ongoing
volume of short sales
•
The loan on the short sale property may be bundled into mortgage-backed
securities, making it more time consuming for the mortgage
servicer to identify the owner of the mortgage and obtain
permission to sell the property
•
Lenders may be waiting to see if they could get a better deal
through a foreclosure sale than the short sale offer
•
Lenders may agree to list a property as a short sale while
also pursuing foreclosure on that property in anticipation
of an insurance payout to cover the loss of the property through
mortgage insurance.
The
inventory level for short sales is likely to remain high in
the foreseeable future as long as the log jam situation mentioned
above remains an issue with the lenders.
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