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I know it seems like it would be a good thing. In some instances it is. Like when the seller is able to make money on the deal and every penny raised is a penny earned, and the sale will be swiftly over and such. BUT in many situations it’s not. Short sales and REO is a totally different ball game.
In short sales it’s the very worst. The price asked for is either not approved by the bank or was approved by the bank and still may be subject to further review. The seller is the person losing their home; usually in a severe emotional state and usually being displaced after the sale is completed. This feeding frenzy on their home is emotional and unbeneficial to them; they are stuck in the middle of frenzy for their home. Usually this causes further stress, sadness and frustration for them. OH and the buyers and their agents tend to get hostile also. Short sales are complex and so many unpleasant details go into them. All that in addition to a bidding war cause major drama. I, as a short sale agent have not had a calm and reasonable experience with multi offers on shorts ever. I have been threatened, questioned, insulted, and spend several days cleaning up the mess a short sale multi offer creates. In the midst of that I have an even more bruised and battered seller than before it occurred.
Some may do it intentionally; some may just not have the systems in place to train their reps well. Some may be in fear of liability and only provide generic info. Either way, they all do it. They give bad, invalid or changing advice and info. This is unfortunate, disruptive and causes fear in the worried borrower. You need to be ready for this. You need to patient with this and you need to have a truthful person on your side to direct you to the truth. The worst “bad info” department at a bank will be the loan modification department. Many will tell you over the phone that they will help. When you then go onto their website or receive their loan modification packet you can read that they don’t do loan modifications. Why are they providing you with the info and the form then? Federal requirements to allow you to apply for a loan modification. They can take the application, they can provide the application and they don’t have to actually give you the loan modification. Unfortunately that makes it easier for scam artist's to take your money and promise to help. Please don’t be a victim of this common practice. IF you have tried that process you know what I mean. Once you understand that there is an investor on your loan you can directly go to the website for that investor to get the truth about timelines, policies and practices.
The market seems to be happier and healthier. It’s not just the spring, it’s not just interest rates. It’s really better. I feel buyers that have been saving and saving and waiting and waiting are finally ready, willing and able to make the move. Multiple offers are everywhere. Regular sales are the majority in most demographics. A little bit of happiness has been injected into the process because of it. The market feels like real estate again, rather than the emotional draining and complex maze it’s been for so long. Though the government program to “help” homeowners still are not satisfactory and there are still people having to short sale, I am confident that the worst is over.
