Why is it that I am asked daily is my short sale not yet approved after months and months of waiting. This is the all too common question from buyers who have made offers on short sales. Buyers are pre-approved, brought in offers that are at the current value and then just wait. Banks seem to be in no hurry to approve these while taxes, condo fees, code violations fines and maintenance issues mount. We have all seen the murky green pool that now has fish living in it. In the Key West Association of Realtors MLS as in other communities there is a glut of short sales awaiting approval. Currently we have 149 residential short sales under contract as compared to 46 normal sales. A whole new cottage industry of short sale negotiators is flourishing but nothing has sped up.
What is wrong with this picture? I think a lot; only 1 in 3 short sales ever close primarily because the buyer eventually drops out. A short sale that never closes can only end up as a foreclosure and most times is resold for a price much less then the actual short sale offer. The banks end up losing money and when they do the US government seems to be there to help.
http://kwhomes.net/
http://joannetarantino.blogspot.com/
http://activerain.joannetarantino.com/
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