Posts Tagged ‘homeowners under water’
Short sale is still the best option, even NPR says that
October 1st, 2010 | 
Author: National Public Radio (NPR), which is usually not on top of real estate issues, published a significant article on their website regarding short sales.
On one hand, there is no new information here, and even the title of the article is just a jaded statement that everyone in the industry know very well. “A Way out for Homeowners in Trouble Hits the Snag”, says the title. Big news? No news. Short sale is the best option for many homeowners, but because of inefficiency and inexperience of banks often it does not go as planned.
On the other hand, NPR neatly recaps the situation, and hopefully more people outside the industry will be able to understand why sometimes short sales are not getting approved as fast as we’d like. At the same time, it does not mean that short sales is not the best option available for homeowners under water.
It is nice to see an article on national media that instead of trying to demonize short sales actually shows that it’s a great option, but often times is not working because of poor performance of banks. See the quote below:
JPMorgan spokesman Tom Kelly says, “We have staffed up and improved our processes in the past year to get answers faster, but we have a fiduciary responsibility to get the best price for sale.”
Still, both bank spokesmen acknowledge that a short sale is a better outcome than foreclosure for everyone involved.
If liberal, not very much business-minded NPR acknowledges that short sale is a better option for everyone, who could doubt that it is so?
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