Short Sales And The Need For More Regulation I Think

Ok I have to rant on this for a second and would love everyone's feedback on any experiences you may have or insight.

I have been doing real estate for over 10 years so have been around the block a couple times.

I am so frustrated with short sales and the banks. The banks have 30 days supposedly to respond to offers however they are also the only ones that can tell you when they have received the offer. I have done many short sales now since the market has changed and have found on every transaction so far that the banks loose the files for as long as they want. I have fax cover pages confirming that the lien holder received the offer but when I call they say “we don't have it and we don't care what proof you have".

I have now defaulted to faxing and Fed Exing files (or requesting that the escrow or negotiators do this) simultaneously from the beginning. This way I have it in writing that they received it physically and electronically and do you think this helps???? Lol no.

I know so many agents that just refuse to show or list short sales for this reason along with the fact that the banks beat up the commissions, I don't blame them and starting to feel the same myself. Short sales are a lot of work on the agent’s part and tons of stress on the buyer. I am finding the average buyer does not have the tolerance to deal with the stresses of purchasing a short sale. So as agents are we doing our clients right by not showing certain homes????

I have a deal I am working on now that has three lien holders and we wrote the offer back in January and just now getting ready to close. We had approvals back months ago but not all of them and now that so much time has gone buy all the new approvals are 35K more money because our local market has recovered some. HOW IS THIS FAIR to the clients?

I hate to say it as I am one for less regulation than more but these slimy banks are still finding ways to hurt our markets and I feel bad for the poor sellers that have to deal with the stresses of loosing a home and having to deal with uncooperative lien holders.

If anyone starts a lawsuit please let me know the banks are just in the wrong in so many ways and need to be held accountable as right now they seem to act as if they are untouchable.