Tired of living/working in Short Sale Hell.

We, the undersigned real estate professionals, home owners and potential home buyers are weary of the insanity going on in the real estate lending industry.  We have stood by and watched lenders peddling exotic loan products designed only to bilk consumers out of their hard earned money with zero accountability.  We have read of scheme after scheme involving millions of dollars in real estate while we continue to toil for just enough to stay afloat.  We have represented clients with the ability and desire to buy a home forced to wait for months and sometimes years for a place to call their own only to have a lien holder accept and then later turn down a legitimate offer.  We have stood by while lien holders make promises, talk about 'due diligence', add condition after condition, hoop after hoop only to then turn their noses up when anyone dare to question their complete lack of good sense or basic math. 

in the last 12 months property values have continued to plummet, yet lien holders seem to be living in a fantasy land where values are determined by their desire to get the highest price possible.  Huge profits were made in recent years by adjustable rate mortgages with sky high caps, late fees and loan costs, yet they want more.  Billions of tax payer dollars were poured into an industry that still refuses to accept any blame, yet they still sit on the fence holding on to properties worth a fraction of what they were worth a few years ago. 

Home sales by all accounts are increasing but mean nothing because most of these sales stay in a pending status for months and sometimes years.  Closed sales on the other hand continue to drop - why?  Because lien holders will not allow them to close, forcing agents to drop purchase and sale agreements into a black hole with absolutely no way of knowing what happens to them and no way to adequately represent their client.  It's exactly like being on a flight that never lands but continues to circle the airport with an occasional announcement to hold on a decision to land is forth coming.  And then of course when you do land you%u2019re back where you started only with less money, less time and more stress an aggravation.

We demand an end to the madness.  No more incentives - banks do not care about $1,200 per closed transaction.  No more writing deals without any end in sight.  No more hoops, conditions, phone calls, urgent emails.  We demand that lien holders look at the current numbers and trends and base their decisions on those numbers - like legitimate appraisals,auctions, and home values that continue to drop .   Finally no more reneging on their promises.  If you agree to a price, you should be forced to accept that price.   Enough is enough.  We will not stand for another short sale that goes bad at the last minute and we will not deliver another message to a hopeful home buyer that some arbitrary decision has been made after a buyer has gone through an arduous approval and vetting process and waited patiently for the privilege of giving another lender their money.  NO MORE.