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2011-09-28 10:28:13
First Time Buyers Saying No To Short Sales

California girlsFirst time buyers are saying no to short sales. According to a posting Sept. 26th by Susanne @ Real Estate Trends, short sale purchases were  down almost 40% in August.

To give that slide some perspective, First - time homebuyers claimed a share of short sale transactions of over 54% in November of 2009.

First time buyers are saying no to short sales because they take way too long to get done!

While the length of approval time looks to be the major reason for the loss of enthusiasm, there are a variety of reasons noted as the cause for the extended time needed to get a short sale done ( it is typical to have a turn around time for approval by the lender or lenders of several months).

Here are some of them.

  1. Lost paperwork.
  2. Multiple investor co-ordination
  3. Slow appraisals
  4. Under staffing of loan servicing agencies
  5. Turnover of file managers
  6. Uncooperative 2nd lien holders
  7. Faulty and inaccurate BPOs

With those possible problems slowing down the short sale process, it is no wonder that first time home buyers are looking elsewhere for their new home.

First time buyers more than any other market segment need quick action to give them confidence with the decision they have made and the agent they have selected to represent them in the largest financial decision of their life. 

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