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Short Sale Difficulties in Vermont

Recently we have been dealing with a number of short sales in our area which have been draining to say the least. A short sale is when the seller of a property is selling their home for less than what they owe to the bank. The bank has to approve such a transaction and therein lies the problem. In numerous cases, it takes months for the bank to assign the slowly defaulting loan a negotiator who has authority to negotiate a sale with a new prospective buyer. Due to the large volume of loans, these companies are handling, the mortgage companies and banks are just over-whelmed and under staffed to handle the workload. I have seen people make an offer on a property and have to wait four months only to have the bank foreclose on the property and buy it themselves. There seems to be something fundamentally wrong with the system, and because of that, I suggest you have a plan B if you are trying to buy a short sale property. Brian

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