My local board just sponsored a seminar that was hosted by Wachovia Bank last week.
Wachovia explained their new streamlined short sale process.
It's AMAZING!
They have a 60-day guarantee closing, and they even offer a small amount of cash to the owner if they vacate the home by a certain date, AND guarantee no lingering debt to the owner once the short sale closes, so there are no worries of a promissory note being demanded that will ruin the deal!!
And they've dramtically reduced the amount of paperwork the seller needs to submit to the point where they can close a short sale in as little as 10 days!!
OK, now I am thoroughly convinced that all the other banks have definite hidden agendas for not making short sales quicker and easier.
If one bank can do it, the rest shouldn't need 2 YEARS to develop a short sale program that works!!
