Bank Execs Admit To A Lack Of Understanding Short Sales

Online, October 26, 2009 (Newswire.com) - October 1, 2009 by admin
Filed under Bank Execs Admit To A Lack Of Understanding Short Sales

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Banks expect a fast recovery in the housing market, yet can't grasp an understanding on a simple short sale transaction It has been made public by the New York Times that the reason these short sales are taking what seems like light years to complete, is due to the fact that they don't understand the process. New York Times states, David Knight, senior vice president at Wells Fargo Home Mortgage, said in an interview that his bank has been working many months to reduce delays in the short sale process. He said the bank is working closely with borrowers' agents to increase the likelihood that the listing prices on a short sale will be accepted. The lending and real estate industries have been on a crash course to learn about short sales since the housing market bust, Knight said. "The big challenge is none of us really understood the process," he said. This is absolutely ridiculous. How is this economy supposed to recover, when the foundation of the economic crash (Housing Market), has been put on a hiatus because these so called "qualified" bank execs don't know the first thing about processing a short sale. The short sale is the solution to most homeowners needs at the moment. Banks really need to step it up TEN gears and start doing what they are paid to do. Get us out of the mess they got us in!!