Comments on: Is Your Local MLS behind the 8 Ball When Dealing with Short Sales? http://ilrealestatespecialists.com/2009/07/16/is-your-local-mls-behind-the-8-ball-when-dealing-with-foreclosures/ Just another Real Estate Tomato weblog Wed, 13 Jul 2011 13:33:11 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Darryl Schoenstadt http://ilrealestatespecialists.com/2009/07/16/is-your-local-mls-behind-the-8-ball-when-dealing-with-foreclosures/comment-page-1/#comment-74 Darryl Schoenstadt Fri, 17 Jul 2009 23:30:40 +0000 http://ilrealestatespecialists.com/?p=858#comment-74 Jack, You raise a good point. We have the same issues we are dealing with in the Phoenix area. From my view, if the banks could provide their approval in a reasonable timeframe, 2-3 weeks, everything would balance out fine. In my opinion, the banks' system is at fault and puts everyone, including themselves, at greater risk. However, the chances of them doing anything differently appear slim to none. Therefore, if realtors continue to fully disclose the nature of the way this business is being handled, I believe they are covering their fiduciary responsibilities. From a selling agent point of view,it's bad enough to have to wait 2-3 months for a response, but it would be worse if they could not get a committment for the sale by a signed contract with the seller up front. Jack,
You raise a good point. We have the same issues we are dealing with in the Phoenix area. From my view, if the banks could provide their approval in a reasonable timeframe, 2-3 weeks, everything would balance out fine. In my opinion, the banks’ system is at fault and puts everyone, including themselves, at greater risk.

However, the chances of them doing anything differently appear slim to none. Therefore, if realtors continue to fully disclose the nature of the way this business is being handled, I believe they are covering their fiduciary responsibilities.

From a selling agent point of view,it’s bad enough to have to wait 2-3 months for a response, but it would be worse if they could not get a committment for the sale by a signed contract with the seller up front.

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