Wednesday, June 3, 2009

You Need Patience with Short Sales

Short sales of real estate require a lot of patience and persistence on the part of all parties. Each bank has its own approval processes. NPR just aired an insightful piece on the current state of short sales entitled "Short Sales Bring Hope and Frustration". It does look like the Obama administration is working on standardizing short sales in the next month. At this point, I do not see an end in sight for short sales or foreclosures - especially on the higher end homes in California. Since there are no jumbo loans - the higher priced homes are languishing on the market. The homes that do not require a non-conforming mortgage are moving quickly when they are priced well.

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