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10158 Woodrose, Santee CA
Delays in Short Sale Approval Drive Buyers From Market
10/2/2011
The process of getting approval by for a short sale is very difficult. Many of the banks have streamlined their process, however, it is still taking upwards of 3-4 months for bank approval. As a result buyers are getting frustrated with the whole process; and many according to the House Pulse Tracking Survey have no interest in purchasing short sales in the San Diego market.
Buyers purchasing short sale properties accounted for about 40% of total properties sold in August of 2010. The total marks a three month slide in the San Diego Short Sale market. This is compared to the peak of 54% of buyers who purchased short sale real estate in San Diego in November of 2009.
“It is extremely frustrating for the buyers as well as the real estate agents involved”, says Scott Cheng, a local broker. “Many lenders are still making the process way more difficult than it needs to be. The fact is many lenders are just greedy and want to get more money.” Scott Cheng is an expert short sale broker in San Diego, and has completed a number of short sale transactions. Some lenders like Wachovia and World Savings have been very effective in their short sale approval process.
With an average time on market for short sales listing in the real estate market of about 16-20 weeks. The majority of the time is spent getting approval from the lender who owns the note. The real estate agents find themselves in a very difficult situation. While the housing market is continuing to decline slowly while waiting for the approval letter, the buyers are continuing to look elsewhere. Even if the real estate agent is able to get an approval from the bank. Quite often it is so much later, the buyers have decided to move on to another property. The reason is because they have noticed the drop in housing prices elsewhere. The San Diego Realtor is now required to get another buyer. This cycle of submitting an offer, waiting for bank approval, buyers backing out, and then getting a new buyer only to have to submit the offer again. This creates a very unstable real estate market.
Many lenders have said there is still roughly 8.5 million properties in the United State that are underwater or in distress. San Diego county has tens of thousands of properties that are still in distress and will either have to go through a short sale or enter foreclosure. This will not help our local market. Ask most San Diego realtors and they will tell you that they feel the San Diego housing market will not completely recover for another 3-4 years.