Welcome!
Rich - Are you kidding me? The whole purpose of a short sale is that the Bank is NOT going to receive the entire balance of the existing loan and fees. We have had much more success with short sales in the last quarter than all of last year. Persistence by the listing agent is a key ingredient. We have closed in as little as 35 days. A buyer and their agent can determine the market value of the home just as easily as the bank can and decide what is a good offer. Most people just want to own their own home, not "make a killing". If you are working with a listing agent that is not diligent, persistent and knowledgeable then you are not going to get anywhere. Same holds true if the seller is not cooperative and motivated to complete the short sale. Lots of variables, but the bottom line is: a professional Realtor has a good chance of accomplishing this for their seller. If by the "real estate industry" you are including the loan companies, loan agents, mortgage brokers, securities dealers, etc. then you're right. We did bring it on ourselves. Joellen Chappell, Broker jchappell@c21mm.com