Pinellas Short sales are anything but normal these days, can take a long time, and anyone that has dealt with Countrywide or Bank of America knows that's the God's honest truth!
Effective April 5, 2010, in conjunction with the Making Home Affordable Program that went in to play last year, there will be new VOLUNTARY guidelines for lenders to follow that will purportedly speed up the process, make uniform processes, pay Realtors their full commissions, and guarantee that the lenders can't come after you, the homeowner, for deficiency judgements.
I'd like to believe this is all going to happen and Pinellas Short sales will get processed without a hitch, yet we've seen the results of the loan modification Making Home Affordable program and the results are dismal.
While we always remain optimistic and hopeful, at this juncture we see these hurdles with these new guidelines:
- It's Voluntary! Oh - phaa-leeese. (for some lenders it won't be - yet we have no info as to which lenders those are)
- The lender is going to set the price for the short sale. OK, this makes we want to spit my coffee accross the room as I laugh. If they don't want have the resources to process the short sale, they they just overprice them, and then the agents won't get offers, and they just fester. I hate to be dire in my thinking, yet this could, conceptually, shut down the short sale process for some homeowners.
- Did I mention it's voluntary?!
Call us at 727-366-0324 with questions. It's a zoo out there, yet there are plenty of ways to skin a cat :)