SHORT SALE SHENANIGANS

February 18, 2010 at 11:00 am Leave a comment

State Treasurer Dean Martin has been highly visible in the media lately — in case you didn’t know, he is running for state governor. Recently, Mr. Martin made a media statement that in order to expedite the housing market’s recovery, the clog of short sales should be dealt with in a quicker manner. His proposal? A law forcing all Realtors to take a 15-hour class about how to handle short sales.

Well, obviously, Mr. Martin has not negotiated a single short sale transaction. The problem of short sales being delayed lies with lenders, not Realtors. An additional 15-hour class will do you NO GOOD if banks do not respond to and process short sales paperwork in an expedient manner.

My message to Mr. Martin: “You ought to manage the banks, not us.” Realtors are the ones pushing the paperwork to get it DONE. If Mr. Martin really wants to know what is happening in the short sale world, he should come and sit in at a short sale discussion meeting among Realtors, where he would learn how much he doesn’t know about the process and how banks are slowing it down. Then, just maybe, he would have sympathy for the many Realtors who have worked so hard and consumed so many hours and months of labor only to end up with zero dollars in commissions because the powerful lenders denied and foreclosed on hundreds if not thousands of legitimate, profitable short sale deals.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , .

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