Stephen Covey says “seek first to understand, then to be understood.” This principle governs my team meetings with my staff where we always open with a sharing of: What are the Banks Saying Right Now?
Here is a brief outline of what my negotiators are saying is going on right now on the cutting edge front line of the Short Sale world:
- Banks seem to be changing their attitude for the better. They recognize that Short Sales are an important part of the solution and seem to be taking Short Sales more seriously than in months past.
- Banks are postponing more foreclosure sales to consider Short Sales. There is an appreciation that running fast to foreclosure does not serve anyone’s interest and they are giving more time to consider deals.
- In general banks appear to be more cooperative, and better staffed than a few months ago.
- However, banks are placing more scrutiny on their own BPOs. They do not seem to trust their own values and are second guessing their own numbers.
- Bank representatives are more overwhelmed and overworked than ever.
Of course these are general observations that may or may not directly translate to your individual deal – but it is the latest direct from the front lines.
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