I speak with a handful of homeowners every week who are facing foreclosure or who are considering a short sale. There is a common misconception in regard to short sales/foreclosure. The general public feels the banks HAVE to do this or are required to GIVE that. At the end of the day, that is just not the case.
The short sale is at the bank’s discrepancy. Period. They can ask for whatever they want, take as long as they want, or , frankly, just never return your phone calls. Now, as we know, this doesn’t happen. Banks do want to get short sales done because it nets them more money but they don’t HAVE TO do anything.
Even states where the bank legally has to respond within 60 days, guess what, it’s not helping any. If they bank hasn’t done their calculations within 60 days, but they have to respond, that response is going to be a NO.
Just something to think about as we enter a new week.
Let me know if you have any Arizona short sale or Scottsdale Real Estate questions. Also feel free to visit my other websites/blogs: http://realestatewizkid.com & http://realscottsdalerealestate.com
Sincerely,
Jeff Buettner
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