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What Will Monday Bring to Short Sales in Phoenix Real Estate?

What Will Monday Bring to Short Sales in Phoenix Real Estate?

We’re about two hours away from a conference call here at RE/MAX with the head of Bank of America’s short sale division discussing the changes coming to how the bank handles (or doesn’t bother handling) short sales.

In theory, we’ll be hearing something encouraging in regards to a process that is clumsy, non-transparent, fraught with duplication and absolutely bereft of communication. Early indications are some of those factors are going to be changing.

I’ve personally had three short sale listings through B of A … we lost the buyer on two of them before we received an answer four and five months down the line; on the third, we had an approval but the buyer had a change of heart about buying the house and walked away days before the close.

The common factor in all of these is the time involved … for as much as buyers say they’re in no hurry, they’re not really willing to wait three, four, five months to get an answer without any certainty that the eventual answer will be yes.

It can only get better. It has to get better. And hopefully in two days’ time, it finally will get better.

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