Short sale offers are taking forever to get an answer from the bank. Home buyers are getting frustrated and moving on when they don’t get an answer in 2-3 months. Currently, 292 homes in the Boise area which are short sales are “Pending” (seller has accepted the offer but not the lender) and another 263 homes in the Boise area which are short sales are “Contingent Other” (seller has accepted but not the lender and the listing agent is continuing to market the home).
My suggestion: I wish the lenders would use some of the stimulus money they received to hire additional staff to work through these short sales. We have willing and ready buyers for 455 homes in the Boise area alone but we can’t close them because the lenders are overloaded with short sale requests and are quagmired in paperwork. Hiring additional staff will solve two problems – reduce the inventory of homes on the market and put people needing a job to work. Sounds like a win-win solution to me!
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[...] In addition, the number of short sales that have ready and willing buyers has increased. The number of “pending” short sales has increased to 338 from 292 and short sales that are “contingent-other” or “contingent-short sale” has risen from 163 to 309 since June 8th. (see Short Sales in the Boise area. [...]