Happy New Year! Let the frustration begin!

I guess my wishing that banks would resolve to improve the short sale process is not happening, at least not at PNC Mortgage. My first listing of 2010 is a short sale (how strange) and the loan is with PNC. After a brief conversation, it’s clear that they will not even start the short sale process until they get an offer. Then, by own admission, a response can take up to 12 weeks.

Buyers are already asking agents to show them specifically “approved” short sales. If we, as agents, could somehow persuade banks to tweak the process, maybe we can get through this market a little faster with less frustration. Approving a short sale price before marketing or auctioning (bidabing.com) is not so much to ask. If selling these properties before the foreclosure, is really in their best interest, then why treat the two most important parties, the agent promoting the property and the buyer, with such disregard. It’s downright inconsiderate to take 12 weeks to respond to anything.

Not all banks have a ridiculous short sale system though. One of the newest agents to join the BidaBing Auctioning Network gets her listings directly from the banks foreclosure attorney who presents his contact at the bank with BPO’s. He is also able to produce official response to her offers within one week. Using the BidaBing auctioning application, she plans to present the bank with the results of a certified, competitive bid from an open platform with verifiable transparency.  She may not be able to shorten the banks response time any, but she will be one of the very few agents who can turn over listings in a normal 45-60 days.

Thanks to a good bank and the BidaBing Auctioning Network, at least one of us is starting off the year on a happy note.

Happy New Year!

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