Short Sale Delays a Turn Off to First-Time Homebuyers
Sep 28, 2011

For the original article, see Short Sale Delays a Turn Off to First-Time Homebuyers in National Mortgage Professional.  The article discusses in great detail why the delays in short sales are such a point of pain for first time homebuyers.  Erik Wind, co-founder of Short Sale Speedway explains how a well prepared real estate professional can make all the difference between a delayed closing and a fast short sale:

"While mortgage servicers are certainly not blameless, these delays are often the result of poorly submitted paperwork," said Erik Wind, co-founder of ShortSaleSpeedway. "When a buyer works with organized professionals who know how to negotiate a short sale and submit the correct paperwork, their expectation is better managed and the processing time is often shorter than the norm."

When asked about the servicing companies, Erik continues:

"If we could get banks to move faster on approving short sales—especially where first-time homebuyers are involved—I am certain we can consume more inventory in a shorter period of time," said Wind. "The real estate market has many headwinds, but those buyers who are out there now are committed to buying a home and want to take advantage of the current interest rate environment. They want to buy and they want to close quickly."

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