Nothing is more mercurial in today's Southwest Florida real estate scene than short sales. They raise the hackles of Realtors, the fighting spirit of all-cash buyers and the blood pressure of bankers.
No one can fully explain why it remains such a difficult task to complete one short sale -- the process by which a lender agrees to accept less than is owed on a home -- while another sails through. The only certainty as to why lenders do what they do: their bottom line.
Sometimes short sales bring more cash than foreclosures, and vice-versa. Which one it is depends on a host of factors, not the least of which is whether a lender has an agreement with the Federal Deposit Insurance Corp. for reimbursement of most losses on a bad loan like those sold short.
Click here to read the entire article: Why a Short Sale Takes So Long
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment