Short Sale Home » General Short Sale Info » Mortgage Companies are Slow

Why don’t mortgage companies move quicker to approve short sales?  Because they do not know what they are doing most of the time.

The mortgage company employee that is in control of the seller’s portfolio of foreclosures:

• is not a Real estate agent or real estate broker
• has never sold real estate
• does not fully understand the real estate market
• does not have any experience negotiating real estate sales
• is a salaried employee that is given a paycheck no matter when the properties in their portfolio sell or for how much
• final decisions for price, terms and conditions for ratified contracts is not in the authority of the loss mitigation clerk communicating with the listing agent.
• final decisions on contract approvals are often scheduled weekly or bi-weekly by committee.

Since they do not know how to sell real estate (they aren’t in the market for it), it simply clogs and slow downs the short sale process in closing valid good deals.  A lot of homes could be saved from foreclosure if more short sales could be completed more efficiently and quicker.